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Tourism Enterprises Q1 profit climbs 11.6% YOY

Tourism Enterprises Co. said its normalized net income for the first quarter was 5 halalas per share, an increase of 10.8% from 5 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 532,220 riyals, a gain of 11.6% from 476,750 riyals in the prior-year period.

The normalized profit margin fell to 10.7% from 11.4% in the year-earlier period.

Total revenue increased 19.4% on an annual basis to 5.0 million riyals from 4.2 million riyals, and total operating expenses increased 22.3% on an annual basis to 4.2 million riyals from 3.4 million riyals.

Reported net income increased 5.8% from the prior-year period to 641,560 riyals, or 6 halalas per share, from 606,320 riyals, or 6 halalas per share.

As of April 30, US$1 was equivalent to 3.75 Saudi Arabian riyals.