RIYADH: Saudi-based real estate developer Al-Akaria returned to profitability in the first nine months of 2022, bolstered by a 158 percent jump in revenues.
Saudi Real Estate Co., as the firm is formally known, reported SR28 million ($7.5 million) in net profits, recovering from SR38 million in losses a year earlier, according to a bourse filing.
The company attributed the results to higher sales of land and residential units, which yielded SR1.3 billion in revenues, up from SR487 million in the first nine months of 2021.
Al-Akaria also incurred less expenses during the nine-month period, thanks to a drop in selling and marketing costs by SR8.4 million.
Established in 1976, Al-Akaria is one of the Kingdom’s leading real estate firms with a track record of delivering residential, retail, and commercial projects.