Riyadh - Mubasher: Dar Al-Arkan Real Estate Development Company posted on Wednesday, a net profit of SAR 43.3 million ($11.5 million) in the second quarter of 2016, compared to SAR 70.5 million ($18.8 million) in the same quarter last year, a 38.72% year-on-year decline.
The profit decline was due to lower revenues from property sales, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
Profits also decreased 25.39% quarter-on-quarter, as a result of the drop in revenues and the slight increase in operating costs,(such as wages, salaries, and consultation fees.) (not important)
At the level of the first half, profits declined 53.58%, year-on-year.
