RIYADH: Dar Alarkan Real Estate Development Co.'s shares fell on Wednesday’s closing bell, despite reporting a spike of 515 percent in profits for the first half of 2022 due to higher sales.
Shares in Dar Alarkan closed 6.85 percent below its Tuesday closing price to reach SR13.32.
The Riyadh-based company's profits hit SR314 million ($84 million), compared to SR51 million in the year-prior period, according to the bourse filing.
The profit hike was coupled with an increase in revenue of 105 percent year-on-year to SR2.3 billion.
The company attributed its strong performance mainly to higher property sales, reduced lease revenue, and higher operations.
