Riyadh – Mubasher: Saudi Arabia’s property developer Dar Al Arkan posted a 58% fall in net profit for the fourth quarter of 2015 to SAR 49, down from SAR 116 million in the prior-year period.
FY15 net profit declined by 38% year-on-year to SAR 359 million from SAR 575 million.
The decrease in Q4 net income was ascribed by the company to the lower property sales revenue and gross margin achieved on properties sold in Q4 due to the product mix, geographical location and development status.
Meanwhile, Dar Al Arkan said the decrease in FY15 net income is mainly due to the lower property sales revenue and lower non-operating income.
