Riyadh - Mubasher: Dar Al-Arkan Real Estate Development reported a decrease of 23.41% in net profits for the fourth quarter of 2016.
The Saudi-listed company registered SAR 37.3 million (SAR 9.95 million) net profits for Q4-2016 up from SAR 48.7 million ($13 million) a year earlier.
The fall in net profits was ascribed to lower real estate sales and higher operating expenses, which partially offset an increase in lease revenue and lower finance charges, according to a bourse filing on Thursday.
As for the twelve months of 2016, the company posted net profits of SAR 250.8 million with a decline of 30.18% from SAR 359.2 million in the preceding year.
Total sales for the quarter reached SAR 410.94 million and for the same quarter for the previous year was SAR 419.35, with a decrease of 2.11%.
