National Agricultural Development Co. said its second-quarter normalized net income was 28 halalas per share, a gain from 27 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 23.9 million riyals, a gain from 23.1 million riyals in the prior-year period.

The normalized profit margin rose to 3.6% from 3.6% in the year-earlier period.

Total revenue increased on an annual basis to 675.5 million riyals from 647.7 million riyals, and total operating expenses increased on an annual basis to 619.0 million riyals from 612.7 million riyals.

Reported net income grew 5.6% on an annual basis to 37.1 million riyals, or 44 halalas per share, from 35.1 million riyals, or 41 halalas per share.

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