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National Agricultural Development Q1 profit climbs YOY

National Agricultural Development Co. said its normalized net income for the first quarter amounted to 20 halalas per share, a gain of 4.9% from 19 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 16.9 million riyals, a gain of 4.9% from 16.1 million riyals in the prior-year period.

The normalized profit margin declined to 3.1% from 3.3% in the year-earlier period.

Total revenue rose 10.4% year over year to 534.4 million riyals from 484.0 million riyals, and total operating expenses grew 10.7% from the prior-year period to 497.6 million riyals from 449.6 million riyals.

Reported net income grew 5.6% from the prior-year period to 26.2 million riyals, or 31 halalas per share, from 24.8 million riyals, or 29 halalas per share.

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