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FINANCIAL NEWS
Saudi Dar Al Arkan reports USD77 million profits in Q4
19 Jan 2012
(MENAFN) Saudi developer Dar Al Arkan reported 12.3 percent decline in quarterly profits on lower land and residential sales, Reuters reportd.
The company said its profits dropped to USD77.22 million in the fourth quarter 2011 from USD88.1 million a year earlier.
Compared to the third quarter Dar Al Arkan’s profits rose by 27.3 percent due to the rise to higher land demand.
The company attributed the fall in profits to the lower land sales as the company sought to enhance gross margins and lower residential sales due to lower available completed units.
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