JEDDAH: Dar Al-Arkan, one of Saudi Arabia’s largest property developers, reported a 40.6 percent fall in first-quarter net profit, broadly in line with analysts’ forecasts.

Arkan made a net profit of SR147.3 million ($39.3 million) in the three months to March 31, down from SR247.9 million in the same period a year earlier, it said in a statement.

The company attributed the fall in net profit to lower property sales revenue, a rise in operating expenses and lower non-operating income.

SICO Bahrain and NCB Capital forecast the developer to make a quarterly net profit of SR146.8 million and SR149.0 million respectively.