Dar Al-Arkan’s Q4 set to be lifted by Shams launch, says Al-Shelash

Dar Al-Arkan Real Estate Development Co.’s Q4 2017 financial results are expected to be bolstered by the launch of Shams ArRiyadh project, chairman Yousef Al-Shelash told Saudi Alekhbariya TV on Thursday.

The real estate developer’s strong profit in the third quarter was lifted by higher sales of residential units and lands from four projects across Riyadh, Makkah and Madinah, he said.

“The results of real estate projects take a longer time to materialize, however, Dar Al-Arkan’s incomplete projects have started to pay off due to off-plan sales,” Al-Shelash said.

Commenting on white land fees, Al-Shelash added that the Saudi housing ministry has accepted the company’s objection to the fees invoiced on its Jeddah-based plot of land.

Al-Shelash added that he expects ongoing talks with the ministry about obtaining a license for the Riyadh land to be finalized within the next two months.

Dar Al-Arkan’s third-quarter net profit climbed 86.4 percent year-on-year to SAR 209.6 million.