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Abdulmohsen Al-Hokair Q2 profit falls YOY

Abdulmohsen Al-Hokair Group for Tourism & Development Co. said its second-quarter normalized net income came to 50 halalas per share, a decrease of 16.7% from 60 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 27.5 million riyals, a decrease of 16.7% from 33.0 million riyals in the prior-year period.

The normalized profit margin declined to 10.0% from 13.7% in the year-earlier period.

Total revenue climbed 14.3% on an annual basis to 275.6 million riyals from 241.1 million riyals, and total operating expenses grew 24.2% from the prior-year period to 240.4 million riyals from 193.6 million riyals.

Reported net income fell 16.5% year over year to 43.1 million riyals, or 78 halalas per share, from 51.6 million riyals, or 94 halalas per share.

As of July 23, US$1 was equivalent to 3.75 Saudi Arabian riyals.