JEDDAH: Saudi Arabia real estate firm Dar Al-Arkan posted an 8.9 percent increase in fourth-quarter net profit.

The company made a profit of SR156.8 million in the three months to Dec. 31, up from SR144 million in the prior-year period.

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.