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AlJouf Agricultural Development Q2 profit falls YOY

AlJouf Agricultural Development Co. said its normalized net income for the second quarter came to 44 halalas per share, a decrease of 27.0% from 60 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 13.1 million riyals, a decline of 27.0% from 17.9 million riyals in the prior-year period.

The normalized profit margin dropped to 17.6% from 25.9% in the year-earlier period.

Total revenue rose 7.4% year over year to 74.3 million riyals from 69.1 million riyals, and total operating expenses grew 17.1% year over year to 53.8 million riyals from 45.9 million riyals.

Reported net income fell 27.4% year over year to 20.2 million riyals, or 67 halalas per share, from 27.8 million riyals, or 93 halalas per share.

As of July 23, US$1 was equivalent to 3.75 Saudi Arabian riyals.