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Sat 25 Oct 2008 10:39 AM

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Dar Al-Arkan sees profit climb 4.3%

Saudi Arabia's largest real estate developer posts Q3 net income of $192mn, topping analyst forecast.

Dar Al-Arkan Real Estate Development Co., Saudi Arabia's largest developer by market value, posted third-quarter profit of 720 million riyals ($192 million), up 4.3 percent from the year-earlier period.

The earnings topped a forecast of 601.7 million riyals by Bakheet Investment Group in a net profit survey by newswire Reuters last month.

Dar Al-Arkan made a net profit of 690 million riyals in the third quarter of 2007, it said in a statement on the Saudi bourse website on Saturday.

Earnings per share of 1.33 riyals in the third quarter compared with 1.28 riyals a year earlier, it said.

Dar Al-Arkan made 4.35 billion riyals of revenues in the three-month period, up from 3.6 billion riyals a year earlier, it added. (Reuters)

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