Riyadh – Mubasher: Saudi Real Estate Company has turned to loss during the fourth quarter of 2018, recording SAR 271 million.

The company’s net loss after Zakat and taxes reached SAR 183 million last year, according to a bourse statement.

This loss stemmed from a 4% decline in the Tadawul-listed developer's sales in 2018, the statement added.

Saudi Real Estate’s board changed its recommendation on dividends from the distribution of SAR 120 million in cash dividends for 2018 to not paying any dividends.

The company posted a 40.7% year-on-year drop in profits for the third quarter of 2018, registering SAR 12.67 million.