Dar Al-Arkan, one of Saudi Arabia's largest property developers, reported a 38.7 percent fall in second-quarter net profit on Wednesday, continuing its earnings slump as it made less money from land sales.
Al-Arkan made a net profit of SR43.2 million ($11.5 million) in the three months to June 30, versus SR70.5 million in the same period a year earlier, it said in a statement.
NCB Capital forecast Al-Arkan, which had reported falling profits in six of the preceding seven quarters, would make a quarterly profit of SR57 million.

Source: Arab News