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AlJouf Agricultural Development Q3 profit falls YOY

AlJouf Agricultural Development Co. said its third-quarter normalized net income came to 71 halalas per share, a decrease of 23.2% from 93 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 21.4 million riyals, a decrease of 23.2% from 27.9 million riyals in the prior-year period.

The normalized profit margin dropped to 17.3% from 22.7% in the year-earlier period.

Total revenue came to 122.9 million riyals, compared with 123.0 million riyals in the prior-year period, and total operating expenses grew 12.7% on an annual basis to 88.2 million riyals from 78.2 million riyals.

Reported net income decreased 22.2% year over year to 33.7 million riyals, or 1.12 riyals per share, from 43.4 million riyals, or 1.45 riyals per share.

As of Oct. 19, US$1 was equivalent to 3.75 Saudi Arabian riyals.