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Anaam International Q2 profit falls YOY

Anaam International Holding Group Co. said its second-quarter normalized net income came to 20 halalas per share, a decline of 7.8% from 22 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 4.0 million riyals, a decline of 6.7% from 4.3 million riyals in the prior-year period.

The normalized profit margin declined to 12.4% from 14.7% in the year-earlier period.

Total revenue fell 12.1% on an annual basis to 25.8 million riyals from 29.4 million riyals, and total operating expenses fell 13.0% year over year to 19.1 million riyals from 22.0 million riyals.

Reported net income fell 7.5% year over year to 6.3 million riyals, or 32 halalas per share, from 6.8 million riyals, or 35 halalas per share.

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