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FINANCIAL NEWS
Saudi Dar Al Arkan reports USD88m profits in Q2
08 Jul 2012
(MENAFN) Saudi developer Dar Al Arkan reported 11 percent increase in quarterly profits on higher property sales, Reuters reported.
The largest developer in Saudi Arabia said it made USD88 million net profit during the second quarter, up from USD79.35 million a year earlier.
The company attributed the results to an increase in second quarter sales, driven by higher demand on the Dar Al Arkan’s products.
The developer also reported 11.8 percent increase in operating profits to USD90.99 million during the quarter from USD81.22 million a year earlier.
In May, Dar Al Arkan said it expects to gain from a USD198 million land sale in its second quarter results.
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