Riyadh – Mubasher: Saudi Real Estate Company on Thursday posted a 58.5% year-on-year decline in net profit during the first quarter of 2019, recording SAR 18.5 million.

The Tadawul-listed developer ascribed the decline in its profit to a SAR 7.8 million decline in revenue, according to a bourse statement.

Operating profit dropped 95.7% to SAR 1.4 million in Q1-19 after general and administrative expenses grew SAR 8.8 million and cost of sales and marketing rose SAR 14 million.

Saudi Real Estate turned to loss during the fourth quarter of 2018, recording SAR 271 million.