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Tabuk Agricultural Development swings to loss in Q3

Tabuk Agricultural Development Co. said its third-quarter normalized net income came to a loss of 13 halalas per share, compared with 9 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 a loss of 6.1 million riyals, compared with income of 3.9 million riyals in the year-earlier period.

The normalized profit margin dropped to negative 24.6% from 8.9% in the year-earlier period.

Total revenue decreased 46.0% year over year to 23.9 million riyals from 44.3 million riyals, and total operating expenses fell 9.6% on an annual basis to 35.5 million riyals from 39.3 million riyals.

Reported net income came to a loss of 12.8 million riyals, or a loss of 28 halalas per share, compared to income of 3.4 million riyals, or 8 halalas per share, in the prior-year period.

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