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Saudi Industrial Development Q3 loss narrows YOY

Saudi Industrial Development Co. said its normalized net income for the third quarter came to a loss of 12 halalas per share, compared with a loss of 15 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 a loss of 4.9 million riyals, compared with a loss of 6.1 million riyals in the year-earlier period.

The normalized profit margin climbed to 1.5% from negative 7.2% in the year-earlier period.

Total revenue declined 21.2% year over year to 66.8 million riyals from 84.7 million riyals, and total operating expenses declined 14.1% on an annual basis to 66.7 million riyals from 77.6 million riyals.

Reported net income came to a loss of 9.3 million riyals, or a loss of 23 halalas per share, compared to a loss of 11.6 million riyals, or a loss of 29 halalas per share, in the prior-year period.

As of Oct. 21, US$1 was equivalent to 3.75 Saudi Arabian riyals.