Dar Al-Arkan has reported its headline figures for 2Q16. Net income was SAR43.2mn (-38.7% Y-o-Y, -25.4% Q-o-Q), operating profit was SAR131.0mn (-19.5% Y-o-Y, -9.6% Q-o-Q), while its gross profit was SAR184.7mn (-19.5% Y-o-Y, -3.6% Q-o-Q). This brings 1H16 net income to SAR101.1mn (-53.6% Y-o-Y), operating profit SAR275.9mn (-34.4% Y-o-Y) and gross profit SAR376.3mn (-32.8% Y-o-Y). Management attributed the Y-o-Y drop in net income in 2Q16 to lower revenue from land sales, which was only partially offset by lower interest expense and lower operating expenses. The same applied to 1H16 numbers, despite also higher lease revenue Y-o-Y. (Tadawul)