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Saudi Dar Al Arkan Q4 Profit Falls 26%, Misses Forecasts

Saudi Dar Al Arkan Q4 Profit Falls 26%, Misses Forecasts

The company attributed the fall to losses in financial investments, higher operating expenses and finance charges.

Dar Al Arkan, one of Saudi Arabia’s largest property developers, reported a 26.3 per cent fall in fourth-quarter net profit on Wednesday, missing analyst forecasts after it made losses on financial investments and suffered higher expenses.

Arkan made a net profit of SAR115.6 million ($30.8 million) in the three months to Dec. 31, up from SAR156.8 million in the same period a year earlier, it said in a bourse statement.

The company attributed the fall in net profit to losses in financial investments, plus higher operating expenses and finance charges.

Analysts polled by Reuters on average forecast Dar Al Arkan would make a quarterly net profit of SAR139.8 million.

The company’s 2014 annual profit was SAR574.7 million. This compares with a net profit of SAR681.5 million in 2013.

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