By: Thabet Shehata
Riyadh – Mubasher: Net profits of Seven Saudi-listed companies in the real estate development sector grew 19.88% year-on-year to SAR 367.52 million ($98 million) in the second quarter of 2016 from SAR 306.57 million ($81.75 million).
On the other hand, the companies' profits declined 38% to SAR 541.83 million in the first six months of 2016 from SAR 875.24 million in the year-ago period.
Operating profits fell 9.6% to SAR 376.74 million in Q2-16 from SAR 416.64 million in Q2-15, and it also retreated 35.2% to SAR 624.97 million in H1-16 compared to SAR 964.54 million in H1-15.
Arriyadh Development Co.’s profits surged 88% year-on-year to SAR 132.8 million Q-16 and rose 32% to SAR 187 million in H1-16, posting the highest profits in the sector.
Emaar The Economic City achieved a growth of 58% in profits of the second quarter this year to SAR 79 million, while earnings shrank to SAR 48 million, a plunge of 64.7% year-on-year.
Knowledge Economic City (KEC) recorded net profits of SAR 228,000 in Q2-16, against losses of SAR 3.11 million in the same period of 2015, while its losses reached SAR 7.4 million in H1-16 from SAR 7.9 million in the year-ago period.
Makkah Construction and Jabal Omar
Jabal Omar Development’s net profit rose 9.46% year-on-year to SAR 9.49 million in the third quarter ended on 30 June 2016 from SAR 8.67 million.
The Saudi-listed company achieved net losses of SAR 110 million in the nine-month period ended on 30 June 2016 against SAR 218.9 million net profit in the same period of the previous year.
Makkah Construction and Development Co. reported a 5.66% growth in profits to SAR 56 million in the three-month ended 30 Rajab 1437, compared to SAR 53 million in the prior-year period.
Translated by: Sara Ghali
