Dar Al-Arkan board members offload over 115 mln shares

02/03/2015 Argaam - Exclusive
Dar Alarkan Real Estate Company’s board members divested more than 115 million of their shares by the end of 2014, according to the company’s board report. 
 
Chairman Yousef Al-Shelash alone sold nearly 5.8 million shares, of which 2.1 million represented an indirect interest.
 
The Saudi Arabia-based developer added in its report that it's targeting a growth of 10 percent this year. 
 
Its management guidance was based on an expected boom in the local real estate market over the next five years. A growing population, short supplies of residential units, as well as structural investment reforms will spark the real estate sector’s rebound, the company said. 
 
The company’s net profit dropped 16 percent year-on-year in 2014 to SAR 574.7 million (SAR 0.53 earnings per share).

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