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National Agricultural Marketing Q2 profit climbs 59.3% YOY

National Agricultural Marketing Co. said its normalized net income for the second quarter was 15 halalas per share, an increase of 55.6% from 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 1.5 million riyals, an increase of 59.3% from 920,840 riyals in the year-earlier period.

The normalized profit margin climbed to 3.4% from 2.5% in the year-earlier period.

Total revenue increased 16.2% on an annual basis to 43.3 million riyals from 37.2 million riyals, and total operating expenses climbed 13.1% from the prior-year period to 41.1 million riyals from 36.3 million riyals.

Reported net income declined 18.1% on an annual basis to 2.0 million riyals, or 20 halalas per share, from 2.5 million riyals, or 25 halalas per share.

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