Kingdom Holding Co. said its first-quarter normalized net income amounted to 3 halalas per share, an increase of 6.9% from 2 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 93.3 million riyals, an increase of 6.9% from 87.3 million riyals in the year-earlier period.

The normalized profit margin increased to 13.0% from 11.8% in the year-earlier period.

Total revenue declined year over year to 715.0 million riyals from 741.1 million riyals, and total operating expenses fell 5.3% on an annual basis to 464.8 million riyals from 490.6 million riyals.

Reported net income increased 10.3% from the prior-year period to 139.4 million riyals, or 4 halalas per share, from 126.4 million riyals, or 3 halalas per share.

As of April 24, US$1 was equivalent to 3.75 Saudi Arabian riyals.