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Tourism Enterprises profit holds relatively steady YOY in Q1

Tourism Enterprises Co. said its normalized net income for the first quarter came to 5 halalas per share, compared with 5 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 533,270 riyals, compared with 532,220 riyals in the prior-year period.

The normalized profit margin climbed to 11.3% from 10.7% in the year-earlier period.

Total revenue totaled 5.0 million riyals, compared with 5.0 million riyals in the year-earlier period, and total operating expenses declined on an annual basis to 4.1 million riyals from 4.2 million riyals.

Reported net income came to 643,240 riyals, or 6 halalas per share, compared to 641,560 riyals, or 6 halalas per share, in the prior-year period.

As of April 25, US$1 was equivalent to 3.75 Saudi Arabian riyals.