Riyadh-Mubasher: Saudi Real Estate Co. (Al-Akaria) reported net earnings of SAR 29.4 million in the fourth quarter of 2015, plunging 77.7% compared with SAR 132 million in the year-earlier period.
FY15 net income also fell 46.5% year-over-year from SAR 276 million to SAR 147.6 million.
The real estate developer ascribed the profit fall to lack of land sales and decline of earnings from investee companies.
