DUBAI: Dar Al-Arkan, one of Saudi Arabia's largest property developers, extended an earnings slump as it reported a 60.7 percent fall in first-quarter net profit on Thursday due to declining sales revenue.
Al-Arkan made a net profit of SR57.85 million ($15.43 million) in the three months to March 31, versus SR147.29 million in the same period a year earlier, it said in a statement.
The latest drop means the company has reported declining profits in six of the past seven quarters, Reuters data shows.
NCB Capital had forecast Al-Arkan would make a quarterly net profit of SR82.1 million.
The company attributed the profit decline to lower sales revenue, although it did not provide further information — Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.
Chairman Yousef Al-Shelash said in November he expected his company to grow in 2016 as the government prioritizes spending on housing despite overall budget cuts prompted by low oil prices.
Dar Al-Arkan net profit falls 60.7%
