Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) on Thursday posted a 79.78% year-on-year hike in its net profits during the full-year 2017, compared to the prior year.

Al Akaria's net profits increased to SAR 132.5 million last year, up from SAR 73.7 million during 2016, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi real estate firm attributed the growth of the annual net profit to an 80.9% decrease in financing costs, in addition to a 20.2% rise in its profit from the associate company.

By 10:03 am KSA time, Al Akaria’s stock rose 2.70% to SAR 21.68.