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Al Hassan Ghazi swings to profit in Q1

Al Hassan Ghazi Ibrahim Shaker Closed JSC said its first-quarter normalized net income was 31 halalas per share, compared with a loss of 9 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 19.5 million riyals, compared with a loss of 5.5 million riyals in the prior-year period.

The normalized profit margin climbed to 4.6% from negative 1.8% in the year-earlier period.

Total revenue climbed 36.6% year over year to 426.4 million riyals from 312.2 million riyals, and total operating expenses increased 35.0% year over year to 401.9 million riyals from 297.8 million riyals.

Reported net income came to 26.2 million riyals, or 42 halalas per share, compared to a loss of 7.7 million riyals, or a loss of 12 halalas per share, in the prior-year period.

As of April 22, US$1 was equivalent to 3.75 Saudi Arabian riyals.