Profits of the listed property development firms grew by 52 percent to reach SR779.4 million in the first quarter of the current year compared to SR513.1 in the comparable period last year, according to a financial report.

However, the sector’s profits fell by 29.6 percent compared to figures of Q4, 2014, which stood at SR1.1 billion, Al-Hayat daily said in a report.

Similarly, sales of the property firms dropped by 20.4 percent to SR1.59 billion in Q1 compared to SR1.99 billion in Q4, 2014, the report said.

The real estate development sector is composed of eight firms whose market capitalization stood at SR139 billion (based on the closing market day by the weekend), or 6.5 percent of the Saudi capital market. Their capitals stand at SR37.7 billion.

Dar Al-Arkan Real Estate Development Company has the biggest capital at SR10.8 billion, followed by Jebel Omar Company at SR9.29 billion whereas Saudi Real Estate Company (SRECO) has the least capital of SR1.2 billion, the report said.

Taiba Holding has realized the biggest profit growth rate at 60 percent in Q1 to SR202.3 million compared to SR59.5 million in the same period last year. However, its profits fell by 27 percent compared to profits of Q4, 2014, which stood at SR278.4 million, the report said.

Jebel Omar Company was the second top profit maker among the real estate firms at SR149.3 million in Q1 compared to its losses of SR2.5 billion in the same period last year. However, it has its profits dropped by 65 percent compared to profits of Q4, 2014, which stood at SR431 million, the report said.

Dar Al-Arkan Real Estate Development Company was the third biggest profit maker in Q1 at SR147.29 million compared to SR247.86 million in Q1, 2014, or a decrease of 40.6 percent. The company’s profits were higher by 27.4 percent compared to the Q4 profits, which stood at SR115.6 million, the report said.

Other real estate companies posted profits at varying rates in Q1, 2015, compared to Q1, 2014 as follows: Makkah Construction and Development Company (MCDCO) at SR86 million compared to SR72 million (+1.2 percent), Al-Riyadh Development Company (ARDCO) at SR71.2 million compared to SR51.4 million (+38.5 percent), Saudi Real Estate Company (SRECO) at SR43.11 million compared to SR37.46 million (+15.1 million), and Emaar Economic City (EEC) at SR85.1 million compared to SR49.8 million (+71 percent), the report said.

On the other hand, Knowledge Economic City (KEC) was the sole real estate company to have posted losses worth SR4.8 billion in Q1, 2015, compared to SR2.48 billion in the same period last year, an increase of 93 percent, the report said.