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Abdulmohsen Al-Hokair Q1 profit climbs 10.8% YOY

Abdulmohsen Al-Hokair Group for Tourism & Development Co. said its first-quarter normalized net income amounted to 67 halalas per share, a gain of 10.4% from 61 halalas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 36.9 million riyals, a gain of 10.8% from 33.3 million riyals in the year-earlier period.

The normalized profit margin dropped to 13.3% from 14.3% in the year-earlier period.

Total revenue rose 19.5% year over year to 278.1 million riyals from 232.6 million riyals, and total operating expenses increased 20.2% year over year to 222.8 million riyals from 185.4 million riyals.

Reported net income increased 10.6% from the prior-year period to 57.6 million riyals, or 1.05 riyals per share, from 52.1 million riyals, or 95 halalas per share.

As of April 21, US$1 was equivalent to 3.75 Saudi Arabian riyals.