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FINANCIAL NEWS
Saudi’s Dar Al-Arkan revenue drops by 60.7 percent
23 Apr 2016
(MENAFN) Dar Al-Arkan, one of Saudi Arabia’s major property developers, posted a drop as it recorded a 60.7 percent fall in Q1 net profit.
Moreover, Al-Arkan made a net profit of USD 15.43mn in the cited quarter, against USD 39.25mn in the same period of 2015.
Additionally, the firm attributed the profit drop to lower sales income, although it did not offer more information.
The firm expected to increase this year as the government prioritizes spending on housing despite whole budget cuts promoted by low oil prices.
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