Saudi Arabian developer Jabal Omar Development Co. says its profits rise 467% year-on-year in the second quarter ending June 30, 2017, Invest-Gate reports.

Net profits after zakat and tax reached SAR 53.8 mn in Q2 of 2017, compared to SAR 9.5 mn in Q2 of 2016.

The profit rise is mainly attributed to higher sales of residential units and increased revenue from hotels and commercial markets.

Total revenues grew 94% y-o-y to SAR 323.15 mn in Q2 of 2017 from SAR 166.43 mn in Q2 of 2016.