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Kingdom Holdings Q2 profit climbs YOY

Kingdom Holding Co. said its second-quarter normalized net income came to 4 halalas per share, a gain from 4 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 150.9 million riyals, a gain from 147.0 million riyals in the year-earlier period.

The normalized profit margin rose to 18.2% from 16.4% in the year-earlier period.

Total revenue decreased 7.4% year over year to 830.6 million riyals from 896.9 million riyals, and total operating expenses fell 10.2% from the prior-year period to 476.9 million riyals from 531.0 million riyals.

Reported net income rose 12.6% from the prior-year period to 238.3 million riyals, or 6 halalas per share, from 211.7 million riyals, or 6 halalas per share.

As of Aug. 4, US$1 was equivalent to 3.75 Saudi Arabian riyals.