Saudi marketUpdated November 9

Knowledge Economic City’s Q3 profit jumped 253%.

There’s a useful distinction behind the 253%: the company made a profit in both third quarters, with net profit rising to SAR99.68 million from SAR28.24 million a year earlier. The return to profit came against the previous quarter, when it recorded a SAR12.91 million loss. A land sale in July was recognized as SAR169.6 million in revenue—not profit—within Q3’s SAR245.13 million total. The company also attributed the earnings increase to better margins in existing residential projects, while revenue from a newly opened hotel added another source. The land sale mattered, but it wasn’t the whole story.

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Coverage started November 9