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AlJouf Agricultural Development Q2 profit climbs 8.4% YOY

AlJouf Agricultural Development Co. said its second-quarter normalized net income was 47 halalas per share, a gain of 8.4% from 44 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 14.2 million riyals, an increase of 8.4% from 13.1 million riyals in the prior-year period.

The normalized profit margin increased to 19.5% from 17.6% in the year-earlier period.

Total revenue grew on an annual basis to 76.9 million riyals from 74.3 million riyals, and total operating expenses rose from the prior-year period to 54.4 million riyals from 53.8 million riyals.

Reported net income rose 10.6% year over year to 22.3 million riyals, or 74 halalas per share, from 20.2 million riyals, or 67 halalas per share.

As of July 21, US$1 was equivalent to 3.75 Saudi Arabian riyals.