Saudi Industrial Development Co. said its fourth-quarter normalized net income came to a loss of 2.5 million riyals, compared with a loss of 254,460 riyals in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 3.6% from negative 0.4% in the year-earlier period.

Total revenue increased on an annual basis to 69.3 million riyals from 68.1 million riyals, and total operating expenses climbed year over year to 73.8 million riyals from 70.5 million riyals.

Reported net income totaled a loss of 24.6 million riyals, or a loss of 62 halalas per share, compared to a loss of 32.0 million riyals, or a loss of 80 halalas per share, in the year-earlier period.

For the year, the company's normalized net income totaled 31 halalas per share, an increase of 48.4% from 21 halalas per share in the prior year.

Normalized net income was 12.4 million riyals, a gain of 48.4% from 8.3 million riyals in the prior year.

Full-year total revenue increased year over year to 325.5 million riyals from 315.9 million riyals, and total operating expenses totaled 307.3 million riyals, compared with 306.3 million riyals in the year-earlier period.

The company said reported net income came to a loss of 18.9 million riyals, or a loss of 47 halalas per share, in the full year, compared with income of 6.9 million riyals, or 17 halalas per share, the prior year.

As of Feb. 25, US$1 was equivalent to 3.75 Saudi Arabian riyals.