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FINANCIAL NEWS
Saudi Dar al-Arkan reports USD59m profit in Q3
22 Oct 2012
(MENAFN) Saudi Arabia’s largest property developer Dar al-Arkan reported a 2.9 percent decline in quarterly profits, Reuters reported.
The company said it made USD59 million net profit during the third quarter, while operating profit fell 6.8 percent to USD71.9 million.
Dar al-Arkan did not give a reason for the year-on-year decline in third-quarter earnings, saying that profits dropped 33 percent from the second quarter mainly because of lower sales, which were affected by unspecified seasonal factors.
In July, Chairman Youssef Al Shelash affirmed that the company was comfortable financially after repaying most of its debt, and expected profit growth above 10 percent in 2013.
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