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Anaam International Q1 profit falls YOY

Anaam International Holding Group Co. said its normalized net income for the first quarter amounted to 4 halalas per share, a decrease of 35.1% from 5 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 761,870 riyals, a decline of 27.2% from 1.0 million riyals in the prior-year period.

The normalized profit margin declined to negative 17.1% from 7.7% in the year-earlier period.

Total revenue decreased 27.7% year over year to 9.8 million riyals from 13.5 million riyals, and total operating expenses declined 23.1% from the prior-year period to 10.4 million riyals from 13.6 million riyals.

Reported net income declined 29.8% from the prior-year period to 1.1 million riyals, or 5 halalas per share, from 1.5 million riyals, or 8 halalas per share.

As of April 22, US$1 was equivalent to 3.75 Saudi Arabian riyals.