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Tourism Enterprises Q2 profit climbs YOY

Tourism Enterprises Co. said its normalized net income for the second quarter was 11 halalas per share, compared with 11 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 1.2 million riyals, a gain from 1.1 million riyals in the prior-year period.

The normalized profit margin climbed to 21.0% from 18.2% in the year-earlier period.

Total revenue decreased 11.3% year over year to 5.5 million riyals from 6.2 million riyals, and total operating expenses decreased 16.9% year over year to 3.6 million riyals from 4.4 million riyals.

Reported net income totaled 1.6 million riyals, or 16 halalas per share, compared to 1.6 million riyals, or 16 halalas per share, in the year-earlier period.

As of July 10, US$1 was equivalent to 3.75 Saudi Arabian riyals.