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.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.