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Saudi Industrial Development swings to loss in Q1

Saudi Industrial Development Co. said its first-quarter normalized net income amounted to a loss of 4 halalas per share, compared with 9 halalas per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.6 million riyals, compared with income of 3.7 million riyals in the year-earlier period.

The normalized profit margin declined to negative 1.4% from 4.7% in the year-earlier period.

Total revenue decreased 15.0% year over year to 67.2 million riyals from 79.0 million riyals, and total operating expenses declined year over year to 69.8 million riyals from 73.4 million riyals.

Reported net income came to a loss of 9.6 million riyals, or a loss of 24 halalas per share, compared to income of 4.7 million riyals, or 12 halalas per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 3.75 Saudi Arabian riyals.