Riyadh – Mubasher: Arriyadh Development Co.’s profits surged 88% year-on-year to SAR 132.8 million ($35.4 million) in the second quarter of 2016 from SAR 70.8 million ($18.8 million).
The increase in net profits was attributed to its subscription in Real Estate Development Fund I with a full stake in the land located in North East Riyadh with Alinma Investment, according to a bourse filing on Sunday.
The Saudi-listed company’s profits also rose 32% to SAR 186.9 million in the first six months of 2016 compared to SAR 142 million in H1-15.
