Dar Al-Arkan Real Estate Development (Dar Al-Arkan) has announced its financial headline figures for 4Q2015. Net income was at SAR48.7 million (-57.9% Y-o-Y, -47.5% Q-o-Q). Operating income came in at SAR136.5 million (-43.3% Y-o-Y, -25.1% Q-o-Q). Gross profit came in SAR180.8 million (-40.9% Y-o-Y, -25.4% Q-o-Q). 2015 net income went down 37.5% Y-o-Y to reach SAR359.2 million. Operating income was down 27.5% Y-o-Y to reach SAR739.4 million, while gross profit went down 24.3% to SAR983.2 million. Management stated that 4Q2015 witnessed lower property sales, lower gross profit margin due to less favourable product mix, geographic locations and development status, and lower non-operating income. Those factors were partially offset by lower operating expenses and lower finance changes Y-o-Y. Those factors have mostly applied to 2015 as well, with the decline in net profit attributed to lower property sales, only partially offset by lower operating expenses. (Tadawul)