Dar Al Arkan likely to see better results in Q1 2019: chairman

Dar Al Arkan Real Estate Development Co. is expected to post better results in Q1 2019, backed by improved retail sales, chairman Yousef Al Shelash told Argaam.

"The company's financial results for Q4 2018 were disappointing and fell short of forecasts," Al Shelash noted, adding that last year, especially Q4, was a tough year due to market conditions.

The Saudi real estate developer posted an 8 percent profit decline year-on-year (YoY) to SAR 508.8 million in 2018. The company's Q4 earnings plunged 90 percent YoY to SAR 32.5 million.

When asked about Dar Al Arkan Properties' Tadawul listing, Al Shelash indicated that talks are still ongoing with the financial advisor over the offering size.

"We are looking forward to complete the planned offering over the next two months due to the seasonality impact. Otherwise, the offering will be placed after end of summer season," he noted.

In 2017, Dar Al Arkan's board of directors approved floating a 30 percent stake of wholly-owned subsidiary, Dar Al Arkan Properties in initial public offering (IPO).