Saudi's Dar Al Arkan posts 38.7% slump in Q2 net profit

Property developer says it made a net profit of $11.5m in the three months to June 30
By Reuters
Wed 20 Jul 2016 05:33 PM

Dar Al Arkan, one of Saudi Arabia's largest property developers, reported a 38.7 percent fall in second-quarter net profit on Wednesday, continuing its earnings slump as it made less money from land sales.

Arkan made a net profit of 43.2 million riyals ($11.5 million) in the three months to June 30, versus 70.5 million riyals 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 57 million riyals.

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