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Tabuk Agricultural Development swings to loss in Q1

4916818 said its first-quarter normalized net income came to a loss of 2 halalas per share, compared with 9 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 a loss of 722,160 riyals, compared with income of 3.9 million riyals in the prior-year period.

The normalized profit margin dropped to negative 23.5% from 14.6% in the year-earlier period.

Total revenue declined 50.0% on an annual basis to 13.3 million riyals from 26.5 million riyals, and total operating expenses decreased 34.3% from the prior-year period to 13.6 million riyals from 20.8 million riyals.

Reported net income totaled a loss of 3.7 million riyals, or a loss of 8 halalas per share, compared to income of 4.5 million riyals, or 10 halalas per share, in the year-earlier period.

s of April 27, US$1 was equivalent to 3.75 Saudi Arabian riyals.Tabuk Agricultural Development Co.

4916818 said its first-quarter normalized net income came to a loss of 2 halalas per share, compared with 9 halalas per share in the prior-year period.