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Al Khaleej Training & Education Q1 profit falls YOY

Al Khaleej Training & Education Co. said its normalized net income for the first quarter was 24 halalas per share, a decline from 25 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 9.7 million riyals, a decline from 10.0 million riyals in the year-earlier period.

The normalized profit margin fell to 5.2% from 5.7% in the year-earlier period.

Total revenue increased 6.3% on an annual basis to 187.3 million riyals from 176.1 million riyals, and total operating expenses climbed 5.7% year over year to 168.4 million riyals from 159.3 million riyals.

Reported net income totaled 15.6 million riyals, or 39 halalas per share, compared to 15.6 million riyals, or 39 halalas per share, in the year-earlier period.

As of April 22, US$1 was equivalent to 3.75 Saudi Arabian riyals.