Dar Al Arkan Q4 net profit falls 57.9pc
DUBAI, January 22, 2016
Dar Al Arkan, a leading property developer in Saudi Arabia, reported a 57.9 per cent fall in fourth-quarter net profit on Thursday.
Arkan made a net profit of SR48.7 million ($13 million) in the three months to December 31, versus SR115.6 million in the same period a year earlier, it said in a statement.
Two analysts polled by Reuters forecast the developer would make a quarterly net profit of between SR102.1 million and SR105 million.
The company attributed the profit fall to lower property sales revenue due to product mix, geographical location and development status. - Reuters
