DUBAI: Dar Al-Arkan, one of Saudi Arabia's largest property developers, reported a 3.1 percent rise in third-quarter net profit on Thursday.

Al-Arkan made a net profit of SR92.7 million ($24.7 million) in the three months to Sept. 30, up from SR89.9 million in the same period a year earlier, it said in a statement.

Two analysts forecast the developer would make a quarterly net profit between SR82.6 million and SR99.0 million.

The company attributed the profit increase to lower finance charges and operating expenses.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.