Dar Al Arkan sees 69% slump in profits

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Dar Al Arkan chairman Yousef Bin Abdullah Al Shelash.

Dar Al Arkan chairman Yousef Bin Abdullah Al Shelash.

Saudi Arabia's Dar Al Arkan Real Estate Development Co missed the average view of analysts when it reported a 68.7 percent drop in second-quarter net profit on Thursday, citing lower properties sales.

The developer made a net profit of 103.7 million riyals ($27.7 million) for the three months to June 30, compared to 331 million riyals in the corresponding period of 2012, it said in a bourse filing.

The property sales decline followed a boost in the second quarter of 2012 from the sale of a land parcel to Saudi Basic Industries Corp, the statement said.

Its second-quarter net profit widely missed the average forecast of six analysts polled by Reuters, who expected 256.1 million riyals for the period.

Related:

Market Performance

Dar Al Arkan Real Estate Development Company
15.6
-0.03 -0.19 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Blood on the bourse floor

Blood on the bourse floor

Arabtec’s share price collapse was the catalyst for a huge sell...

Taking stock

Taking stock

Gulf stock markets have seen a dearth of IPOs since the global...

Steering clear of the stock markets

Steering clear of the stock markets

Listing was all the rage three years ago, but IPOs have since...

Most Discussed
  • 9
    UAE teens among the highest for obesity rates

    @MT3 I forgot to add that of course this is assuming that the UAE moves toward a single payer model, something that I think has never been considered ... more

    Thursday, 28 August 2014 8:36 PM - Telcoguy
  • 9
    Smoke-free Dubai - the big debate

    Surprisingly the only studies that show a negative financial impact of the smoking ban on the hospitality industry are sponsored by tobacco companies ... more

    Wednesday, 27 August 2014 4:19 PM - Telcoguy
  • 3
    Former Arabtec CEO says wants over AED5 per share

    Investors are tired and losing confidence in the market, only speculators are making money at the cost of shareholders. How could any one put a price on... more

    Thursday, 28 August 2014 8:36 PM - B.Sainani