Riyadh – Mubasher: Dar Alarkan Real Estate Development Co on Monday reported an 82.48% year-on-year decline in profits for the third quarter of 2018.

Net profits retreated to SAR 36.73 million in the three-month period ended September, versus SAR 209.67 million in the prior-year period, according to a filing to the Saudi Stock Exchange (Tadawul).

The company said that lower sales and the increase in financing burdens, in addition to the fall in real estate renting and lower profits of affiliated investment firms, have weighed on the company’s profits.

On the other hand, non-operating revenues and some of the Islamic Murabaha revenues increased in Q3-18, the company indicated.

Dar Alarkan Real Estate previously posted a 104.68% jump in profits for the first nine months of the current year, registering SAR 476.28 million, versus SAR 232.69 million in the year-ago period.