Dar Al-Arkan net income sinks 61% on lower land sales
Dar Al-Arkan reported its financial headline figures for 1Q2016. Net income was SAR57.9 million (-60.7% Y-o-Y, +18.9% Q-o-Q), while operating income was SAR144.9 million (-43.8% Y-o-Y, +6.2% Q-o-Q). Gross profit was SAR191.6 million (-42.1% Y-o-Y, +5.9% Q-o-Q). Management attributed the drop in net income Y-o-Y to lower property sales, which was only partially offset by lower operating expense and finance costs. (Tadawul)
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