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FINANCIAL NEWS
Saudi Dar Al Arkan reports USD38.4m profit in Q4
08 Jan 2013
(MENAFN) Saudi developer Dar al Arkan reported nearly 50 percent decline in quarterly profits, Reuters reported.
The largest real estate firm in Saudi Arabia said it earned USD38.4 million net profit during the fourth quarter ended December 31, down from USD77.32 million a year earlier.
The company attributed the decline to higher operating expenses and finance charges and lower non-operative income for the fall in profit.
Dar is set to benefit from the Saudi property market, as the government moves to increase home ownership by regulating mortgage lending and building 500,000 residential units.
The company said full 2012 net profit dropped 9.1 percent to USD263.7 million from 2011.
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