Companies listed on the Saudi Stock Exchange’s (Tadawul) real estate management and development sector turned a profit during the third quarter of 2018, against suffering losses in the year-ago period.
The real estate firms posted a net profit of SAR 457.41 million ($121.95 million) after calculating Zakat and Tax in Q3-18, against SAR 225.63 million ($60.15 million) in net losses during Q3-17, according to Mubasher’s statistics based on the firms’ earnings statement to Tadawul.
Tadawul’s real estate management and development sector comprises of ten companies, while nine of them disclosed their results, with the exception of Makkah Construction and Development Company (MCDC).
Jabal Omar Development turned profitable after generating SAR 469.62 million by the end of Q3-18, against a loss of SAR 593.97 million from July to September last year.
On the other hand, Red Sea International Co.’s losses increased by 8.8% year-on-year to SAR 13.78 million in the three-month period ended September, from SAR 12.66 million, whereas Emaar The Economic City incurred a loss of SAR 150 million ($39.99 million), against a profit of SAR 27 million.
Real estate sector’s profit skyrockets 500% in 9M
From January to September, profits of the nine real estate companies soared 500% to SAR 795.44 million, against SAR 132.62 million in the same period last year.
Dar Alarkan Real Estate posted a 104.68% surge in profits for the first nine months of this year, reaching SAR 476.28 million, versus SAR 232.69 million in the year-ago period.