Dar al-Arkan reveals $88.3m net profit for 2012 Q2
11% rise from same period last year less than analysts expected
Saudi Arabia’s largest property developer, Dar al-Arkan has said its second-quarter net profit rose 11%, missing analysts' expectations, Reuters reports.
The firm made a net profit of $88.3m (SAR 331m) in the three months ending June 30, compared with $79.5m (SAR 298m) in the same period a year earlier.
Analysts had forecast that Dar would achieve a net profit averaging $113.1m (SAR 424m).
“The increase in net income for the six month period and the second quarter this year compared... is primarily due to the increase in real estate sales, which is attributable to the demand increase on the company's products,” the developer said.
Operational profit increased 11.8% in the second-quarter to $91.1m (SAR 341.7m), compared with $81.3m (SAR 305m) in the same period a year earlier.