Al Akaria, the Saudi Arabia-based real estate developer, said its first half net profit rose to $4.3 million as against the loss of $4 million in the same period of the last year.
The company’s stock price surged as it returned to profitability, bolstered by a 152 percent jump in revenues.
In response to better earnings, its shares finished 0.3 percent higher at SR14.88 on Tuesday, after touching SR15 earlier in the day.
The developer attributed the results to higher sales of land and residential units, which yielded $232 million in revenues, up from $92.26 million in the first half of 2021.
It also incurred less expenses during the six-month period, thanks to a drop in selling and marketing costs by $320,000.
Al Akaria, set up in 1976, is one of the Kingdom’s leading real estate firms with a track record of delivering residential, retail, and commercial projects.