Saudi Industrial Development Co. said its normalized net income for the first quarter was 9 halalas per share, an increase of 45.6% from 6 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 3.7 million riyals, an increase of 45.6% from 2.6 million riyals in the prior-year period.
The normalized profit margin climbed to 4.7% from 3.4% in the year-earlier period.
Total revenue grew 5.2% on an annual basis to 79.0 million riyals from 75.1 million riyals, and total operating expenses rose on an annual basis to 73.4 million riyals from 71.6 million riyals.
Reported net income decreased 76.3% year over year to 4.7 million riyals, or 12 halalas per share, from 20.0 million riyals, or 50 halalas per share.
As of April 21, US$1 was equivalent to 3.75 Saudi Arabian riyals.
