Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) posted its interim financial results for the second quarter of 2019.

Net profits after zakat and tax fell by 29% to SAR 21.5 million in Q2-19, compared to SAR 30.3 in Q2-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Thursday.

Revenues of the Saudi-based firm retreated by 13.5% to SAR 71.8 million during the three-month period ended June, from SAR 83.1 million in the same period of the prior year.

For the first half of 2019, Al Akaria generated SAR 40 million in profits, down 46.5% from SAR 74.9 million in H1-18.

Total revenues of the Saudi real estate developer plunged by 11.75% to SAR 144.2 million during the six-month period between January and June, versus SAR 163.4 million in the same period a year ago.

Profit per share declined to SAR 0.17 by the end of June, from SAR 0.31 in the corresponding period of 2018.