Riyadh – Mubasher: Saudi Arabia-based Dar Al Arkan Real Estate Development Company on Sunday reported an 8.1% year-on-year profit decline during the full-year 2018.

The developer’s net profits after calculating Zakat and Tax amounted to SAR 508.81 million ($135.65 million) from January to December 2018, down from SAR 553.37 million ($147.53 million) during 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the 2018 profit decrease to the lower margin achieved from properties sale, a drop in leasing revenues, a decline in income from associates, coupled with higher financing costs and operating expenses.

Revenues jumped 35% to SAR 6.41 billion in 2018, from SAR 4.73 billion a year earlier.

Operating profits fell 6.7% SAR 888.21 million last year, compared to SAR 952.01 million in 2017.

Earnings per share (EPS) hit SAR 47 halalas in 2018, down from SAR 51 halalas in the year before.

Dar Al Arkan Real Estate Development Company’s profits slumped 89.86% year-on-year in the fourth quarter of 2018, logging SAR 32.53 million, from SAR 320.68 million, according to data compiled by Mubasher.

By 11:49 Saudi time, the firm’s stock levelled down 0.38% to SAR 10.56.