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Al Abdullatif Industrial Investment Q2 profit climbs 7.0% YOY

Al Abdullatif Industrial Investment Co. said its second-quarter normalized net income came to 47 halalas per share, a gain of 7.0% from 44 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 38.0 million riyals, a gain of 7.0% from 35.5 million riyals in the prior-year period.

The normalized profit margin climbed to 12.3% from 10.5% in the year-earlier period.

Total revenue declined 9.8% year over year to 306.0 million riyals from 339.2 million riyals, and total operating expenses declined 13.6% year over year to 242.2 million riyals from 280.3 million riyals.

Reported net income decreased 15.0% year over year to 54.3 million riyals, or 67 halalas per share, from 63.9 million riyals, or 79 halalas per share.

As of July 23, US$1 was equivalent to 3.75 Saudi Arabian riyals.