Riyadh – Mubasher: Saudi Arabia’s property firm Dar Al Arkan Real Estate Development posted SAR 57.85 million ($15.42 million) net profit for the first quarter of 2016, a fall of 61% year-on-year from SAR 147.29 million ($39.27 million) reported in the same period a year earlier.
In a filing posted on Tadawul website Thursday, the company ascribed the profit decline to a decrease in revenues from property sales.
However, the rise in lease revenues, coupled with a slump in operating expenses, had a positive impact on net income, the company noted.
