Saudi developer Dar Al Arkan profit drops as sales shrink during pandemic.
- Date: 25-Mar-2021
- Source: Arab News
- Sector:Financial Markets
- Country:Saudi Arabia
Saudi developer Dar Al Arkan profit drops as sales shrink during pandemic.
article author: Arab NewsID: 1616656015448859700Thu, 2021-03-25 09:41
DUBAI: Saudi property developer Dar Al Arkan reported a sharp drop in profits last year as sales fell.
Net income plunged 94 percent to SR18.8 million ($5 million) as overall revenues dropped 44 percent to SR1.94 billion.
A fall in the developer's lease revenue and the increase in finance costs were partially offset by an a rise in income received from Islamic deposits, it said in a Tadawul filing.Main category: Business & Economy
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