Saudi Arabian developer, Dar Al-Arkan, recorded a net profit of $15.43m (SAR57.85m) during the first three months of 2016, down 60.7% compared to the $39.2m (SAR147.29m) achieved during the corresponding period last year. The Q1 2016 results mean that the company has reported declining profits in six of the past seven quarters, according to data from news agency Reuters. Dar Al-Arkan has attributed the slide to lower sales revenues.
Nevertheless, Yousef Al Shelash and his team are pushing on with a selection of projects in the kingdom. Dar Al-Arkan’s current portfolio includes Juman, Al-Qasr Mall, Shams Al-Arous, Shams Alriyadh, Al Tilal, and Qasr Khozam.
Commenting on the breadth of his firm’s development activities, Al Shelash said: “Our strategy focuses on accessing all market segments throughout the kingdom.
“This is achieved through boosting the production capacity, diversifying the investment base by scouting the best opportunities, and [our] commitment to continuous research and development,” added Al Shelash.