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Al Abdullatif Industrial Investment Q4 profit falls YOY

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Al Abdullatif Industrial Investment Q4 profit falls YOY

Al Abdullatif Industrial Investment Co. said its normalized net income for the fourth quarter came to 12 halalas per share, a decrease of 58.2% from 29 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 9.9 million riyals, a decrease of 58.2% from 23.8 million riyals in the year-earlier period.

The normalized profit margin dropped to 4.1% from 7.6% in the year-earlier period.

Total revenue decreased 21.7% year over year to 244.3 million riyals from 311.9 million riyals, and total operating expenses decreased 17.0% from the prior-year period to 224.8 million riyals from 270.9 million riyals.

Reported net income decreased 59.3% on an annual basis to 12.3 million riyals, or 15 halalas per share, from 30.3 million riyals, or 38 halalas per share.

For the year, the company's normalized net income totaled 1.18 riyals per share, a fall of 25.3% from 1.58 riyals per share in the prior year.

Normalized net income was 95.9 million riyals, a decline of 25.3% from 128.3 million riyals in the prior year.

Full-year total revenue decreased 15.3% from the prior-year period to 1.10 billion riyals from 1.30 billion riyals, and total operating expenses declined 13.7% on an annual basis to 933.9 million riyals from 1.08 billion riyals.

The company said reported net income fell 30.5% on an annual basis to 139.3 million riyals, or 1.71 riyals per share, in the full year, from 200.4 million riyals, or 2.47 riyals per share.

As of Feb. 29, US$1 was equivalent to 3.75 Saudi Arabian riyals.