RIYADH: Saudi Arabia’s Dar Al Arkan Real Estate Development Co. reported record profits in the third quarter of 2021 amounting to SR25.17 million ($6.6 million). The company had reported SR18.6 million loss in the same quarter of the previous year.
The company attributed the rise in profits to a boom in the Kingdom’s real estate sector, according to its filing.
On a quarterly basis, the company’s profits increased in the third quarter by 12.16 percent compared to a profit of SR22.4 million in the second quarter of 2021.
Regarding the results of the first nine months of 2021, the data indicated an increase in profits by 1,716 percent, recording SR76 million, compared to SR4.19 million in the same period of 2020.
