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Saudi’s Dar al-Arkan posts 21% drop in Q3 profit

Saudi-based Dar al-Arkan has posted a 21.4% fall in its third-quarter net profit due to falling sales, Reuters has reported. The kingdom's largest property developer made a net profit of SR227.5m ($61m) in the three months ending September 30, compared with SR289.6m in the same period a year earlier. "The decline in third quarter net profit... is due to declined sales as the company seeks to improve profit margins for its land bank, in addition to declining sales of housing units due to the shortage in completed units for sale," Dar al-Arkan said.