Riyadh - Mubasher: Dar Al Arkan Real Estate Development’s net profits dropped 79% in the first quarter of 2017, compared to Q1-16, according to a company statement to the Saudi Stock Exchange (Tadawul).
Net profits reached SAR 12.13 million in the first three months of 2017, compared to SAR 57.85 million in the same period in 2016.
“The decrease in net income is mainly due to lower property sale revenues. However, the higher leasing revenues and the decrease in finance cost positively impacted and contributed to the net income,” the company stated.
Quarter-on-quarter, net profits went down by 67.5% in Q1-17, compared to Q4-16.
Total sales fell 17.1% to reach SAR 360.3 million in the first three months of 2017, compared to SAR 434.6 million in Q1-16, according to the statement.