Dar Al Arkan Q2 net profit falls 38pc
RIYADH, July 21, 2016
Dar Al Arkan, one of Saudi Arabia's largest property developers, has reported a 38.7 per cent fall in second-quarter net profit, continuing its earnings slump as it made less money from land sales.
Arkan made a net profit of SR43.2 million ($11.5 million) in the three months to June 30, versus SR70.5 million in the same period a year earlier, it said in a statement.
NCB Capital forecast Arkan, which had reported falling profits in six of the preceding seven quarters, would make a quarterly profit of SR57 million.-Reuters