Riyadh – Mubasher: Arabian Centres Company disclosed its interim financial results for the second quarter of 2019.

Net profits after zakat and tax hiked by 180.37% to SAR 226.96 million in Q2-19, compared to SAR 80.95 million in Q2-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Tuesday.

Total revenues of the largest mall operator in Saudi Arabia inched up by 2.5% to SAR 572.5 million during the three-month period between April and June, from SAR 558.31 million in the same period of the prior year.

The company attributed the rise in profits to the increase in revenues that was driven by the implementation of a yield and space optimization strategy, with new value unlocked from the portfolio offsetting temporary setbacks related to the termination of weak performers.

Profit per share stood at SAR 0.49 by the end of June, versus SAR 0.17 in the corresponding period of 2018.