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