Saudi real estate giant Dar Al Arkan’s net profit surged 91% to 151.9 million Saudi riyals ($40.49 million), compared to SAR 79.42 million in Q3 2022. 

The increased profit was attributed to a fall in operating expenses, higher lease revenue and an increase in the share of profit from associates.  

Net profit rose 6% year-on-year (YoY) to SAR 416 million in the first nine months of 2022 on a decline in operating expenses and higher lease revenue.

In February, the developer said Dar Global PLC, its international development subsidiary, has been listed on the London Stock Exchange (LSE) with a valuation of SAR 2.25 billion.

(Editing by Seban Scaria seban.scaria@lseg.com)