Dar Al Arkan’s Q2 results ‘disappointing’, says NCB Capital

15/07/2015 Argaam

Dar Al Arkan Real Estate Development’s second-quarter results were “disappointing” as the company posted its lowest net profit on record (SAR 70.5 million), NCB Capital said in a report.

 

Q2-2015 net profit missed the brokerage firm’s expectation of SAR 138 million and a consensus estimate of SAR 149 million.

 

The investment arm of National Commercial Bank (NCB) said the profit decline could be attributed to weak land sales.

 

NCB Capital also put Dar Al Arkan’s stock “under review” and said fees on white land would remain a key risk that may lead to a discount on the company’s land plots.

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