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Saudi’s Dar Al Arkan Q1 Net Profit Rises 4.3%

Saudi’s Dar Al Arkan Q1 Net Profit Rises 4.3%

The property developer said the net profit hike was mainly due to increased sales of developed properties at higher gross margins.

Saudi Arabian real estate firm Dar Al Arkan reported a 4.3 per cent increase in first-quarter net profit on Thursday, beating analyst forecasts, on the back of higher sales of its developed properties.

The Kingdom’s largest listed property developer made a net profit of SAR247.9 million ($66.1 million) compared with SAR237.6 million in the corresponding period in 2013.

The earnings beat forecasts of three analysts polled by Reuters who had expected, on average, a profit of SAR222.3 million for the quarter.

Dar Al Arkan said the increase in net profit was mainly due to higher sales of developed properties at higher gross margins.

The company said in February that it may consider early repayment of a $450 million Islamic bond due to mature in February 2015.

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