Dur Hospitality Co. said its first-quarter normalized net income was 29 halalas per share, a decrease from 29 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 28.8 million riyals, a decrease from 29.3 million riyals in the prior-year period.
The normalized profit margin declined to 21.5% from 24.5% in the year-earlier period.
Total revenue increased 11.5% year over year to 133.0 million riyals from 119.4 million riyals, and total operating expenses grew 15.5% on an annual basis to 90.6 million riyals from 78.4 million riyals.
Reported net income fell on an annual basis to 45.0 million riyals, or 45 halalas per share, from 45.8 million riyals, or 46 halalas per share.
As of April 22, US$1 was equivalent to 3.75 Saudi Arabian riyals.
