RIYADH: Saudi-based real estate developer Al Akaria has returned to profitability in the first half of 2022, bolstered by a 152 percent jump in revenues.
Saudi Real Estate Co., as the firm is formally known, recorded SR16 million ($4.3 million) in net profits, recovering from SR14 million of losses it reported a year earlier, according to a bourse filing.
The company attributed the results to higher sales of land and residential units, which yielded SR870 million in revenues, up from SR346 million in the first half of 2021.
Al Akaria also incurred less expenses during the six-month period, thanks to a drop in selling and marketing costs by SR1.2 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.