Saudi: Dar Al Arkan's Q3 net profit up 21%
The company said that the increase in profit was mainly due to the higher revenues from property sales and lower operating expenses
Saudi-based Dar Al Arkan Real Estate Development Company has posted a 21% jump in its net profit for Q3 2016.
The company's net profit rose to $30m (SAR113m) from $24.7m (SAR93m) over the same period last year.
The increase in profit was mainly due to higher revenues from property sales and lower operating expenses like payroll and consultancy fees during the three-month period, said the company in a statement to the Saudi stock exchange, Tadawul.
The Saudi real estate group, however, witnessed a decline in its total revenue for the nine-month period, which fell 18.5% to $389,002 (SAR1.4m) from $477,546 (SAR1.7m) in the same period last year.