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Saudi's Dar Al Arkan Q3 net profit rises 3.1 pct
October 15, 2015 / 1:15 PM / 2 years ago

Saudi's Dar Al Arkan Q3 net profit rises 3.1 pct

DUBAI, Oct 15 (Reuters) - Dar Al Arkan, one of Saudi Arabia’s largest property developers, reported a 3.1 percent rise in third-quarter net profit on Thursday.

Arkan made a net profit of 92.7 million riyals ($24.7 million) in the three months to Sept. 30, up from 89.9 million riyals in the same period a year earlier, it said in a statement.

Two analysts forecast the developer would make a quarterly net profit between 82.6 million riyals and 99.0 million riyals.

The company attributed the profit increase to lower finance charges and operating expenses.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later. ($1 = 3.7502 riyals) (Reporting by Katie Paul, editing by David Evans)

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