News Column

JEDDAH: Real estate firm income up 17%

August 1, 2014

Dar al Arkan, Saudi Arabia's largest real estate developer by market value, reported a 17 per cent rise in second-quarter net income, the company said in a bourse statement. Net profit in the three months to 30 June was SR121.3 million ($32.3 million) compared to SR103.7 million in the same period a year earlier, it said. It attributed the rise to higher sales of properties at higher profit margins. It said increased non-operating income was offset by increases in payrolls, consultancy fees and higher finance charges.

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Source: Gulf, The (Bahrain)

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