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Jazan Development Q2 profit climbs YOY

Jazan Development Co. said its second-quarter normalized net income amounted to 5 halalas per share, an increase from 5 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 2.3 million riyals, a gain from 2.3 million riyals in the year-earlier period.

The normalized profit margin declined to 13.3% from 14.9% in the year-earlier period.

Total revenue rose 14.3% year over year to 17.4 million riyals from 15.3 million riyals, and total operating expenses declined year over year to 13.9 million riyals from 14.3 million riyals.

Reported net income rose from the prior-year period to 3.6 million riyals, or 7 halalas per share, from 3.5 million riyals, or 7 halalas per share.

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