Riyadh – Mubasher: Saudi Real Estate posted an 11.32% decrease year-on-year in its net profits to SAR 26.1 million ($6.96 million) in the fourth quarter of 2016, compared to SAR 29.4 million ($7.85 million).
The decline in net profit was due higher financing fees of SAR 12.3 million, according to a bourse filing on Wednesday.
On the twelve-month level, the company’s profits declined 37.99% to SAR 91.54 million from SAR 147.62 million in 2015.
The drop in the year’s results was attributed to increase in financing fees of SAR 74.6 million, the statement said.
