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Halwani Bros. Q1 profit climbs 8.1% YOY

Halwani Bros. Co. Ltd. said its normalized net income for the first quarter came to 79 halalas per share, an increase of 8.1% from 73 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 22.5 million riyals, a gain of 8.1% from 20.8 million riyals in the year-earlier period.

The normalized profit margin increased to 7.8% from 7.8% in the year-earlier period.

Total revenue grew 7.9% year over year to 287.0 million riyals from 266.0 million riyals, and total operating expenses climbed 6.4% year over year to 247.9 million riyals from 233.1 million riyals.

Reported net income grew 9.7% on an annual basis to 25.9 million riyals, or 91 halalas per share, from 23.6 million riyals, or 83 halalas per share.

As of April 20, US$1 was equivalent to 3.75 Saudi Arabian riyals.