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Anaam International Q3 profit falls YOY

Anaam International Holding Group Co. said its third-quarter normalized net income came to 7 halalas per share, a decrease of 80.9% from 34 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 1.3 million riyals, a decrease of 80.5% from 6.6 million riyals in the year-earlier period.

The normalized profit margin fell to negative 9.7% from 20.3% in the year-earlier period.

Total revenue declined 47.5% year over year to 17.2 million riyals from 32.8 million riyals, and total operating expenses decreased 32.7% year over year to 15.0 million riyals from 22.2 million riyals.

Reported net income fell 81.6% year over year to 1.9 million riyals, or 10 halalas per share, from 10.5 million riyals, or 54 halalas per share.

As of Oct. 24, US$1 was equivalent to 3.75 Saudi Arabian riyals.