Riyadh-Mubasher: Emaar the Economic City (Emaar EC) reported net earnings of SAR 158 million for the fourth quarter ended 31 December 2015, a surge of 129% over SAR 69 million in the same period a year ago.
The real estate developer ascribed the profit growth to low selling and marketing expenses, as well as rise in other revenues
Net income for the 12-month period fell 20% year-on-year from SAR 380 million to SAR 303 million.
The profit decline was due to a fall in gross profits on more sales of affordable and mid-income housing projects, the company said in a bourse statement.
