Riyadh – Mubasher: Dar Alarkan Real Estate Development Company reported its initial financial statements for the second quarter of 2019.

Net profits after zakat and tax declined by 30.9% to SAR 74.96 million in Q2-19, compared to SAR 108.6 million in Q2-18, according to the firm’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The drop in profits is mainly due to lower property sale.

Total revenues plunged by 48% to SAR 927.8 million in during the three-month period ended June, from SAR 1.78 billion in the same period a year ago.

For the first six months of 2019, net profits of Dar Alarkan fell by 77.15% to SAR 100.47 million, versus SAR 439.72 in H1-18.

Revenues of the Saudi-based company retreated by 61% year-on-year to SAR 1.75 billion by the end of June.

Profit per share stood at SAR 0.09 during H1-19, compared to SAR 0.41 in the corresponding period a year earlier.