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National Agricultural Marketing Q1 profit falls YOY

National Agricultural Marketing Co. said its normalized net income for the first quarter came to 26 halalas per share, a decline of 32.6% from 39 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 2.6 million riyals, a decrease of 32.7% from 3.9 million riyals in the year-earlier period.

The normalized profit margin rose to 9.1% from 8.7% in the year-earlier period.

Total revenue decreased 37.6% year over year to 27.9 million riyals from 44.6 million riyals, and total operating expenses decreased 41.6% year over year to 24.4 million riyals from 41.7 million riyals.

Reported net income rose on an annual basis to 38.9 million riyals, or 3.89 riyals per share, from 6.0 million riyals, or 60 halalas per share.

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