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Saudi's Dar Al Arkan Q2 net profit falls 38.7%

Dar al arkan made a net profit of $11.5m (SAR43.2m) in the three months ending 30 June

Yousef al-Shelash, chairman of Dar Al Arkan.
Yousef al-Shelash, chairman of Dar Al Arkan.

Saudi Arabian property developer Dar Al Arkan reported a 38.7% fall in second quarter net profit for the year, continuing its earnings slump as it made less money from land sales.

Arkan made a net profit of $11.5m (SAR43.2m) in the three months ending 30 June, as compared to $18.7m (SAR70.5m) in the same period a year earlier, it said in a statement.

"The decrease in net income is mainly due to the lower land sale revenues achieved in Q2 2016, and slight increase in payroll and consultancy fees," read the statement.

NCB Capital forecast Arkan, which had reported falling profits in six of the preceding seven quarters, would make a quarterly profit of $15m (SAR57m).

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