Saudi Real Estate Profits Jump 153% at End of 3rd Quarter

The profits of real estate sector companies in Saudi Arabia jumped by 153 percent during the first nine months of 2023, compared to the same period last year, due to the growth of real estate and the major development projects implemented by the Saudi government and the private sector.

Real estate sector companies achieved an increase in their profitability during the third quarter of 2023, amounting to SAR 1.35 billion ($367.5 million) over the same period last year, after achieving consolidated profits amounting to SAR 2.23 billion ($602.1 million), compared to profits amounting to SAR 883.16 million ($238.4 million) in the same period of 2022.

The combined net profits of real estate companies listed on the Saudi Tadawul main market increased by 84.39 percent during the third quarter of 2023 on an annual basis, while 13 companies listed in the sector achieved combined profits amounting to SAR 971.04 million, compared to profits of SAR 526.64 million in the third quarter of 2022.

Real estate sector companies continued to record profitability on a quarterly basis. Their profits increased by 44.58 percent during the third quarter of 2023 compared to the second quarter of the same year, reaching SAR 671.61 million.

In sales volume and revenues, real estate sector companies recorded an increase by 13.99 percent, reaching SAR 3.29 billion, compared to SAR 2.89 billion in the same quarter of last year. Revenues in the first nine months of 2023 also increased by 9.99 percent. The companies achieved sales and revenues worth more than SAR 9.94 billion in the first nine months of 2023, compared to SAR 9.04 billion in the same period last year.

Provided by SyndiGate Media Inc. (Syndigate.info).

News Related

OTHER NEWS

Fantic Enters The Sporty Side Of Town With Stealth 125 And Imola Concept

Fantic Stealth 125 and Imola Concept The Italian manufacturer’s sporty offerings are designed to appeal to the beginner segment. The 125cc segment, pretty much non-existent in the US market, is ... Read more »

Discover the Health Benefits of Valencia Orange: Serving Sizes, Nutrition Facts, and Concerns Curated by Nutrition Professionals.

Valencia orange image Perspective from Roseane M Silva Master in Health Sciences, Bachelor in Nutrition · 7 years of experience · Brazil Possible Side Effects People who are allergic to ... Read more »

Kibsons at the heart of the better food systems debate bound for Cop28

Leading grocery delivery company Kibsons says it is already answering the call for greener production processes as food security and sourcing enter the Cop28 spotlight later this month. The UAE ... Read more »

Government passes draft budget law for FY2024

AMMAN — The government on Wednesday endorsed the draft general budget law for 2024 with estimated public revenues of JD10.3 billion, marking an increase of 8.9 per cent compared with ... Read more »

New forecasted capital expenditure for fiscal year 2024 stands at JD73 million — Gov’t

AMMAN — The new forecasted capital expenditure for the fiscal year 2024 stands at JD73.317 million, according to the 2024 public budget draft law. The government allocated JD1.729 billion as ... Read more »

Historical insights: Evolution of archaeological research in Jordan from post-World War I to 1960s

AMMAN — The post World War I period marks the beginning of scholarly research in Jordan. During the British Mandate in Jordan, the Department of Antiquities in Amman was founded ... Read more »

No fruit acids, whitening creams: UAE authority issues guidelines for salon cosmetics

The Sharjah City Municipality has issued a set of guidelines for the use of cosmetic products in hair salons and beauty centres. The authority urges salons to stick to these ... Read more »
Top List in the World