RIYADH: Saudi real estate developer Dar Al-Arkan reported a massive jump in profit on higher sales.
The Riyadh-based company said in a filing its annual profit surged by 605 percent in 2021.
Profits hit SR132 million ($35 million), compared to SR18 million a year earlier, according to the bourse filing.
The profit hike was coupled with an increase in revenue of 28 percent year-on-year to SR2.4 billion.
In its annual report, the company attributed its improved performance mainly to higher sales, reduced lease revenue, and higher operating and finance costs.
