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AlJouf Agricultural Development Q1 profit climbs 15.8% YOY

AlJouf Agricultural Development Co. said its normalized net income for the first quarter was 22 halalas per share, compared with the S&P Capital IQ consensus estimate of 23 halalas per share.

EPS rose 15.8% year over year from 19 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 6.5 million riyals, an increase of 15.8% from 5.6 million riyals in the prior-year period.

The normalized profit margin declined to 10.5% from 10.6% in the year-earlier period.

Total revenue climbed 9.6% on an annual basis to 58.3 million riyals from 53.2 million riyals, and total operating expenses grew 7.6% from the prior-year period to 48.4 million riyals from 45.0 million riyals.

Reported net income rose 13.5% year over year to 9.8 million riyals, or 33 halalas per share, from 8.6 million riyals, or 29 halalas per share.

As of April 20, US$1 was equivalent to 3.75 Saudi Arabian riyals.