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Tabuk Agricultural Development Q1 profit climbs YOY

Tabuk Agricultural Development Co. said its first-quarter normalized net income was 9 halalas per share, an increase of 28.5% from 7 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 3.9 million riyals, an increase from 1.3 million riyals in the year-earlier period.

The normalized profit margin rose to 14.6% from 6.2% in the year-earlier period.

Total revenue rose 28.4% year over year to 26.5 million riyals from 20.7 million riyals, and total operating expenses rose 11.4% from the prior-year period to 20.8 million riyals from 18.6 million riyals.

Reported net income increased from the prior-year period to 4.5 million riyals, or 10 halalas per share, from 1.7 million riyals, or 9 halalas per share.

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