Saudi homebuilder Dar Al Arkan Real Estate Development Company posted on Saturday a six per cent drop in first-quarter net profit.

Dar made 398.6 million riyals ($106.3 million) in the three months to end-March down from 424.5 million riyals a year earlier, it said in a bourse statement.

"The decline in net profit stems from a slight decrease in average profit margins from sales that was caused by the geographic location of sold products," it said.-Reuters