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Saudi Marketing Q1 profit climbs YOY

Saudi Marketing Company Ltd said its first-quarter normalized net income came to 41 halalas per share, an increase from 41 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 18.6 million riyals, a gain from 18.3 million riyals in the year-earlier period.

The normalized profit margin declined to 4.1% from 4.5% in the year-earlier period.

Total revenue climbed 12.5% year over year to 455.5 million riyals from 405.0 million riyals, and total operating expenses climbed 12.2% on an annual basis to 422.9 million riyals from 376.9 million riyals.

Reported net income rose 5.6% from the prior-year period to 29.1 million riyals, or 65 halalas per share, from 27.5 million riyals, or 61 halalas per share.

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