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Saudi’s Dar Al Arkan Q3 Profit Tumbles As Costs Rise

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.

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.

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