JEDDAH – Saudi Arabia real estate firm Dar Al Arkan posted an 8.9 percent increase in fourth-quarter net profit on Monday, missing analyst forecasts despite higher margins on property sales and lower costs. The company made a profit of SR156.8 million ($41.81 million) in the three months to Dec. 31, up from SR144 million in the prior-year period, according to a bourse filing. Analysts polled by Reuters on average forecast Dar Al Arkan would make a quarterly profit of SR250.4 million. Dar Al Arkan 2013's net profit was SR681.5 million. This compares with a profit of SR988.5 million in 2012. The firm blamed the drop in annual profit on lower property sales and a decline in non-operating income. Dar Al Arkan Real Estate Development Co said last month it had repurchased 87 percent of its 750 million riyal ($200 million) Islamic bond due to mature in April. The purchase of 650 million riyals worth of the paper was “in line with Dar Al Arkan's strategy to manage its liabilities efficiently and to fulfill its commitments proactively”, the firm said in a bourse statement. – Reuters
