Saudi-based Dar Al Arkan Real Estate Development Company announced a jump in its net profits in the 3Q 2016, increasing by 21.4% compared to the previous quarter, according to a statement by the company sent to the Tadawul on Thursday.

The firm reported a quarterly net profit of SAR 112.5 mn, up 21.4% from the previous quarter and up 160.4% from the same period last year. The company attributed the increase to higher revenues from property sales and lower operating expenses. However, net profit for 9M 2016 was down 31.2%, due to lower property sales revenue throughout part of the reporting period.