Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) posted a 29% year-on-year decline in net profits for the third quarter of 2019, registering SAR 9 million.

Total revenues grew by 27.2% to SAR 87.8 million in Q3-19, compared to SAR 69 million in Q3-18, according to a bourse statement on Wednesday.

The firm attributed the fall in profits to the rise in general and administrative and selling and marketing expenses, in addition to the increase in finance cost as a result of adopting international standard No (16).

During the nine-month period between January and September, net profits of Al Akaria fell by 44% to SAR 49 million, from SAR 87.6 million in the corresponding period of 2018.

On a yearly basis, revenues plunged by 14.7% to SAR 126.7 million during the nine-month period ended September.

By the end of September, profit per share recorded SAR 0.2, compared to SAR 0.36 in the same period last year.