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Jazan Development Q3 profit falls YOY

Jazan Development Co. said its normalized net income for the third quarter was 8 halalas per share, a decrease of 10.2% from 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 4.1 million riyals, a decline of 10.2% from 4.6 million riyals in the prior-year period.

The normalized profit margin fell to 14.5% from 16.1% in the year-earlier period.

Total revenue totaled 28.4 million riyals, compared with 28.4 million riyals in the year-earlier period, and total operating expenses rose 5.7% year over year to 22.8 million riyals from 21.6 million riyals.

Reported net income declined 10.4% from the prior-year period to 6.5 million riyals, or 13 halalas per share, from 7.2 million riyals, or 14 halalas per share.

As of Oct. 19, US$1 was equivalent to 3.75 Saudi Arabian riyals.