Riyadh – Mubasher: The Saudi real estate developer Dar Al Arkan on Monday reported an 892.7% year-on-year surge in its net profits for the second quarter of 2018.

Dar Al Arkan logged a net profit of SAR 108.6 million during Q2-18, up from SAR 10.9 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits plunged 67% in the period between April and June, from SAR 331 million.

The Saudi real estate developer’s profits surged 1,805.2% to SAR 439.7 million in the first six months of 2018, from SAR 23.08 million during H1-17.

The firm attributed the large profit growth to an increase in selling properties.

Dar Al Arkan’s sales jumped 460.55% to SAR 4.57 billion during H1-18, compared to SAR 816.82 million in the same six months a year earlier.

The stock shed 0.59% to close Monday’s trading session at SAR 10.10.