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Al Khaleej Training & Education Q2 profit falls YOY

Al Khaleej Training & Education Co. said its normalized net income for the second quarter was 26 halalas per share, a decline of 23.8% from 34 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 10.5 million riyals, a decline of 23.5% from 13.7 million riyals in the prior-year period.

The normalized profit margin fell to 5.7% from 7.5% in the year-earlier period.

Total revenue came to 183.9 million riyals, compared with 182.7 million riyals in the prior-year period, and total operating expenses climbed from the prior-year period to 163.7 million riyals from 159.4 million riyals.

Reported net income fell 22.2% year over year to 16.7 million riyals, or 42 halalas per share, from 21.5 million riyals, or 54 halalas per share.

As of July 15, US$1 was equivalent to 3.75 Saudi Arabian riyals.