RIYADH: Saudi-based real estate developer Al Akaria’s shares surged as it returned to profitability in the first half of 2022, bolstered by a 152 percent jump in revenues.

Saudi Real Estate Co., as the firm is formally known, reported SR16 million ($4.3 million) in net profits, recovering from SR14 million in losses a year earlier, according to a bourse filing.

In response to the massive earnings leap, its shares finished 0.3 percent higher at SR14.88 on Tuesday, after touching SR15 earlier in the day.

The company attributed the results to higher sales of land and residential units, which yielded SR870 million in revenues, up from SR346 million in the first half of 2021.

Al Akaria also incurred less expenses during the six-month period, thanks to a drop in selling and marketing costs by SR1.2 million.

Established in 1976, Al Akaria is one of the Kingdom’s leading real estate firms with a track record of delivering residential, retail, and commercial projects.