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Jazan Development Q2 profit climbs YOY

Jazan Development Co. said its second-quarter normalized net income amounted to 5 halalas per share, a gain from 2 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 2.3 million riyals, an increase from 779,900 riyals in the year-earlier period.

The normalized profit margin rose to 14.9% from 5.1% in the year-earlier period.

Total revenue came to 15.3 million riyals, compared with 15.2 million riyals in the year-earlier period, and total operating expenses fell from the prior-year period to 14.3 million riyals from 14.9 million riyals.

Reported net income grew from the prior-year period to 3.5 million riyals, or 7 halalas per share, from 1.1 million riyals, or 2 halalas per share.

As of July 15, US$1 was equivalent to 3.75 Saudi Arabian riyals.