Saudi's Emaar EC 3Q Net Profit Soars on High Value Land Sales

Monday, Oct 22, 2012

(This story was originally published on Sunday.)

RIYADH (Zawya Dow Jones)--Saudi Arabia's Emaar the Economic City (4220.SA), or Emaar EC , the developer of King Abdullah Economic City project, reported a third-quarter net profit of 44.5 million Saudi riyals ($11.8 million), up from SAR6.2 million a year earlier, due mainly to the increase in value of land sold within King Abdullah Economic City.

Operating profit for the third quarter nearly tripled to SAR65.2 million, compared with SAR26.8 million for the same quarter a year earlier, the company said in a statement posted on the Saudi bourse website.

The net profit for nine months ended Sept. 30 surged to SAR182.4 million from SAR80.2 million for the same period in 2011.

Earnings per share for the nine-month period was SAR0.21 compared with SAR0.09 for the same period in 2011.

Emaar EC shares closed flat Saturday at SAR8.90 per share.

Write to Iman Dawoud at iman.dawoud@dowjones.com

(END) Dow Jones Newswires

22-10-12 0337GMT