Saudi property developers’ net profits hit 2.9% in Q4

Saudi property developers’ net profits hit 2.9% in Q4
The annual net profit for Saudi developers dropped to SAR 1.35 billion in 2017
Dar Al Arkan 4300 -0.35% 11.32 -0.04
Jabal Omar 4250 0.51% 39.75 0.20
MCDC 4100 1.02% 78.90 0.80
Emaar EC 4220 0.83% 12.20 0.10

By: Thabet Shehata

Riyadh – Mubasher: Net profits of Saudi Arabia's real estate sector surged 2.86% in the fourth quarter, while registered a 23.68% drop in the full-year 2017.

Saudi Arabia-listed developers’ net profit increased to SAR 609.18 million in Q4-17 versus SAR 592.25 million in the year-ago period.

Meanwhile, the annual net profit of the developers dropped to SAR 1.35 billion last year, compared to SAR 1.77 billion in 2016, Mubasher’s data showed.  

Dar Al Arkan Real Estate Development posted a 759.96% year-on-year net profit surge in the fourth quarter of 2017, registering SAR 320.68 million.

Emaar The Economic City's profits soared 29.6% year-on-year to SAR 180 million in the three-month period ended 31 December.

Jabal Omar Development recorded a loss worth SAR 600.97 million ($160.26 million) in 2017 against SAR 76.66 million ($20.44 million) a year earlier.

Makkah Construction and Development Company reported an 11.04% decline in its profits during the fiscal year ended 30-Rabi Al Thani 1439H.

 

Translated by: Muhammad Khalid

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Source: Mubasher Exclusive

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