Home Industry Finance Saudi’s Dar Al Arkan Q3 Profit Tumbles As Costs Rise The company made a net profit of SAR89.9 million ($24.0 million) in the three months to Sept. 30. by Reuters October 28, 2014 Dar al-Arkan, Saudi Arabia’s largest listed real estate developer by market value, reported a 51 per cent fall in third-quarter net income on Tuesday, missing analysts’ forecasts. The company made a net profit of SAR89.9 million ($24.0 million) in the three months to Sept. 30, down from SAR183.3 million in the same period a year earlier, it said in a bourse statement. It attributed the profit slump to falling non-operating income received from deposits, plus rising finance costs and wages. Analysts polled by Reuters had on average forecast Dar al-Arkan’s quarterly profit would be SAR193 million. 0 Comments
