Dar Al Arkan reports 4.3% Q1 net profit increase

Higher sales of developed properties at higher gross margins

NEWS, Business, Dar al arkan, Profits

Saudi Arabian real estate firm Dar Al Arkan has reported a 4.3% increase in first-quarter net profit, beating analyst forecasts, on the back of higher sales of its developed properties.

The kingdom's largest listed property developer made a net profit of SR247.9mn ($66.1mn) compared with SR237.6mn ($64.6mn) in the corresponding period in 2013.

The earnings beat forecasts of three analysts polled by Reuters who had expected, on average, a profit of SR222.3mn ($60.5mn) for the quarter.

Dar Al Arkan said the increase in net profit was mainly due to higher sales of developed properties at higher gross margins.

The company said in February that it may consider early repayment of a $450mn Islamic bond due to mature in February 2015.

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