Al Khaleej Training & Education Co. said its fourth-quarter normalized net income was 34 halalas per share, a decrease of 25.0% from 45 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 13.6 million riyals, a decline of 25.2% from 18.2 million riyals in the prior-year period.

The normalized profit margin dropped to 7.6% from 9.2% in the year-earlier period.

Total revenue decreased 9.1% on an annual basis to 179.8 million riyals from 197.9 million riyals, and total operating expenses declined 5.8% on an annual basis to 155.6 million riyals from 165.1 million riyals.

Reported net income decreased 30.8% from the prior-year period to 20.1 million riyals, or 50 halalas per share, from 29.0 million riyals, or 72 halalas per share.

For the year, the company's normalized net income totaled 1.11 riyals per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 2.27 riyals.

EPS declined 18.1% from 1.35 riyals in the prior year.

Normalized net income was 44.3 million riyals, a decline of 18.1% from 54.1 million riyals in the prior year.

Full-year total revenue totaled 726.0 million riyals, compared with 724.0 million riyals in the prior year, and total operating expenses grew year over year to 644.2 million riyals from 627.4 million riyals.

The company said reported net income decreased 20.0% year over year to 68.9 million riyals, or 1.72 riyals per share, in the full year, from 86.1 million riyals, or 2.15 riyals per share.

As of Feb. 24, US$1 was equivalent to 3.75 Saudi Arabian riyals.