Leading Saudi property developer, Dar Al Arkan announced a 38.7% slump in its 2nd quarter (Q2) net profit, as well as a drop in land sales, Reuters reported.

During Q2 of this year, the company earned SAR 43.2 million ($ 11.5 million), compared to SAR 70.5 million in the same period of 2015, the company stated.

NCB Capital forecast Arkan had anticipated profits would drop in 6 out of upcoming 7 quarters to reach an average quarterly profit of SAR 57 million.

In November, Chairman, Yousef Al Shelash remarked that the company will grow in 2016 since the government promoted for investing in the property business due to budget cuts instigated by the drop in oil prices, according to Arab News.