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National Agricultural Marketing Q3 profit falls YOY

National Agricultural Marketing Co. said its third-quarter normalized net income was 9 halalas per share, a decrease of 13.9% from 10 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 862,710 riyals, a decrease of 13.5% from 997,470 riyals in the year-earlier period.

The normalized profit margin dropped to 2.6% from 3.0% in the year-earlier period.

Total revenue climbed on an annual basis to 33.8 million riyals from 33.0 million riyals, and total operating expenses grew on an annual basis to 32.6 million riyals from 31.7 million riyals.

Reported net income decreased 6.8% from the prior-year period to 1.3 million riyals, or 13 halalas per share, from 1.4 million riyals, or 14 halalas per share.

As of Oct. 25, US$1 was equivalent to 3.75 Saudi Arabian riyals.