Riyadh – Mubasher: Saudi Real Estate Company on Sunday posted a 40.7% year-on-year drop in profits for the third quarter of 2018.

Net profits amounted to SAR 12.67 million in Q3-18, compared to SAR 21.36 million in Q3-17, according to a filing to the Saudi Stock Exchange (Tadawul).

The Saudi real estate firm attributed the third-quarter profit decline to the increase in cost, high consumption expenditure and maintenance expenses.

For the first nine months of 2018, profits of the Saudi-based company retreated 5.4% to SAR 87.57 million, from SAR 92.58 million in the same period of the prior year.

It is worth mentioning that the company’s net profits rose 46.2% year on year to SAR 30.27 million in Q2-18.

By the end of Thursday’s session, Saudi Real Estate’s stock plunged 0.59% at SAR 13.50.