Dar Al Arkan, the largest listed real estate developer in Saudi Arabia by market value, reported a 51 per cent fall in third-quarter net income on Tuesday, missing analysts' forecasts.

The company made a net profit of SR89.9 million ($24 million) in the three months to September 30, down from SR183.3 million ($48.8 million) in the same period a year earlier, it said in a bourse statement.

It attributed the profit slump to falling non-operating income received from deposits, plus rising finance costs and wages.

Analysts polled by Reuters had on average forecast Dar Al Arkan's quarterly profit would be SR193 million ($51.4 million).-Reuters