Saudi's Dar Al Arkan sees 23.4% Q4 net profit slump

Construction giant blames lower property sales revenue and higher operating expenses for the fall in income

Dar Al Arkan, one of Saudi Arabia's largest property developers, reported a 23.4 percent fall in fourth-quarter net profit on Thursday.

The developer said it made net profit of 37.3 million riyals ($9.8 million) in the three months ending December 31, versus 48.7 million riyals a year earlier.

It blamed lower property sales revenue and higher operating expenses for the fall in income.

Quarterly revenue totalled 1.8 billion riyals versus 2.2 billion riyals in the corresponding period of 2015.

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