DUBAI, Jan 20 (Reuters) - Saudi Arabia real estate firm Dar Al Arkan posted an 8.9 percent increase in fourth-quarter net profit on Monday, missing analyst forecasts despite higher margins on property sales and lower costs.
The company made a profit of 156.8 million riyals ($41.81 million) in the three months to Dec. 31, up from 144 million riyals in the prior-year period, according to a bourse filing.
Analysts polled by Reuters on average forecast Dar Al Arkan would make a quarterly profit of 250.4 million riyals.
Dar Al Arkan 2013’s net profit was 681.5 million riyals. This compares with a profit of 988.5 million riyals in 2012.
The firm blamed the drop in annual profit on lower property sales and a decline in non-operating income.
($1 = 3.7505 Saudi riyals)
Reporting by Matt Smith; Editing by David French