RIYADH: Dar Alarkan Real Estate Development Co. saw its profit spike by 675 percent during the first quarter of 2022.
The Riyadh-based firm's profits hit SR221 million ($59 million), compared to SR29 million during the same period last year, it said in a bourse filing.
The profit hike was coupled with an increase in revenue of 192 percent to SR1.6 billion for the quarter compared to the same period last year.
The company attributed its improved performance mainly to higher property sales and reduced operating expenses and finance costs.
