By Souhail Karam
Saudi's largest developer by market value sees profits drop on downturn.
, Saudi Arabia's largest developer by market value, posted a 14.4 percent drop in net profit during the third quarter due to a slowdown in the property sector.
The company made a net profit of 616.2 million riyals ($164.3m) in the three months to Sept 30, down from 719.5 million riyals a year earlier, it said in a statement on the Saudi bourse website.
Earnings per share of 1.54 riyals by the end of the third quarter compared with 1.72 riyals a year earlier, it said.
made 1.52 billion riyals of revenues in the three-month period, up from 1.48 billion riyals a year earlier, it added.
"The decline in third-quarter net profit ... compared to the same period of the previous year is due to the higher profit margin during the third quarter of last year, itself due to the growth recorded by the real estate market throughout much of 2008," it said. (Reuters)