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Dar Alarkan sees 11% profit increase

Saudi Arabia's largest property developer, Dar al-Arkan has said its second-quarter net profit rose 11%, missing analysts' expectations, Reuters has reported. The firm made a net profit of SR331m in the three months ending June 30, compared with SR298m in the same period a year earlier. Analysts had forecast that Dar would achieve a net profit averaging SR424m. "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 SR341.7m, compared with SR305m in the same period a year earlier.