Saudi-based Dar Al Arkan Real Estate Development Company has announced a net profit of SR28.52 million ($7.6 million) after Zakat and tax for the first quarter, thus registering an over two-fold growth during the January-March period from SR12.42 million ($3.3 million) last year.
Announcing the results, Dar Al Arkan said the company's sales fell 6% to SR554.84 million in Q1 compared to last year's figures of SR593.02 million. However it grew 11.8% when compared to SR496.26 million the previous quarter.
The earnings per share amounted to SR0.03 in the first quarter, compared with SR0.01 last year, said the statement from the Saudi company.
This increase in income was mainly due to higher margin achieved on property sale, it added.-TradeArabia News Service