Dar Al Arkan Q1 net profit falls 60.7pc

23/04/2016 13:23 AST

Dar Al Arkan, one of Saudi Arabia's largest property developers, extended an earnings slump as it reported a 60.7 per cent fall in first-quarter net profit on Thursday due to declining sales revenue.

Arkan made a net profit of SR57.85 million ($15.43 million) in the three months to March 31, versus SR147.29 million in the same period a year earlier, it said in a statement.

The latest drop means the company has reported declining profits in six of the past seven quarters, Reuters data shows.

NCB Capital had forecast Arkan would make a quarterly net profit of SR82.1 million.

The company attributed the profit decline to lower sales revenue, although it did not provide further information -- Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

Chairman Yousef Al Shelash said in November he expected his company to grow in 2016 as the government prioritises spending on housing despite overall budget cuts prompted by low oil prices.


Reuters

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