Saudi-based Dar Alarkan Real Estate Development Company has posted a 21 per cent jump in its net profit for the third-quarter which rose to SR113 million ($30 million) from SR93 million ($24.7 million) over the same period last year.

The increase in the profit was mainly due to the higher revenues from property sales and lower operating expenses like payroll and consultancy fees during the three-month period, said the company in a statement to the Saudi stock exchange Tadawul.

The Saudi real estate group, however, witnessed a slight decline in its total revenue for the nine-month period which fell 18.5 per cent to SR1.45 million ($389,002) from SR1.79 million ($477,546).-TradeArabia News Service