Riyadh – Mubasher: Dar Al Arkan Real Estate Development on Sunday said its net profits slid 74.69% year-on-year in the second quarter of 2017.

Net profits fell to SAR 10.94 million in Q2-17, from SAR 43.22 million in Q2-16, according to statements to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, net profits retreated 9.81%.

The Tadawul-listed real estate development firm attributed the decrease in its year-on-year net profits to the decline in the profit margins of property sales.

Sales levelled up 12.09% to reach SAR 456.49 million in Q2-17, compared to SAR 407.56 in the year-ago period.

At the level of the first six months of 2017, net profits tumbled 77.17% to SAR 23.08 million, from SAR 101.08 million in H1-16.

Sales went down 3.01% reaching SAR 816.82 million in H1-17, compared to SAR 842.17 million in the same period in the year before.

The stock edged up 0.33%, closing at SAR 6.03 on Sunday.