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Saudi Dar Al Arkan Q4 profit up 9 pct, misses view
January 20, 2014 / 1:11 PM / 4 years ago

Saudi Dar Al Arkan Q4 profit up 9 pct, misses view

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

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