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AlJouf Agricultural Development Q1 profit climbs 61.7% YOY

AlJouf Agricultural Development Co. said its first-quarter normalized net income amounted to 19 halalas per share, a gain of 61.7% from 12 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 5.6 million riyals, a gain of 61.7% from 3.5 million riyals in the prior-year period.

The normalized profit margin rose to 10.6% from 7.4% in the year-earlier period.

Total revenue rose 13.5% year over year to 53.2 million riyals from 46.8 million riyals, and total operating expenses rose 8.7% from the prior-year period to 45.0 million riyals from 41.4 million riyals.

Reported net income rose 66.1% from the prior-year period to 8.6 million riyals, or 29 halalas per share, from 5.2 million riyals, or 17 halalas per share.

As of April 14, US$1 was equivalent to 3.75 Saudi Arabian riyals.