Riyadh – Mubasher: Saudi Arabia-based Dar Al Arkan Real Estate Development on Tuesday reported a 2630% year-on-year surge in net profits for the first quarter of 2018.

The company's net profits stood at SAR 331.12 million during the three-month period ended March 2018, compared to SAR 12.13 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi real estate developer attributed the high increase in its first-quarter net profits to a growth in properties’ sales.

“Total equity (excluding minority interests) for Q1-18 was SAR 19,064.67 million, compared to SAR 18,733.55 for Q1-17, an increase of 1.77%,” the statement added.

Dar Al Arkan's sales soared 675.38% to SAR 2.79 billion in the first three months of 2018, versus SAR 360.33 million in the comparative period of 2017.

Quarter-on-quarter, the firm's profits rose 3.26%.

Dar Al Arkan’s stock decreased 3.24% to close Tuesday at SAR 13.43.