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Anaam International swings to profit in Q4

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Anaam International swings to profit in Q4

Anaam International Holding Group Co. said its fourth-quarter normalized net income amounted to 34,170 riyals, compared with a loss of 9.2 million riyals in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 10.1% from negative 66.0% in the year-earlier period.

Total revenue decreased 5.1% year over year to 13.3 million riyals from 14.0 million riyals, and total operating expenses decreased 62.9% on an annual basis to 10.6 million riyals from 28.6 million riyals.

Reported net income totaled 2.1 million riyals, or 11 halalas per share, compared to a loss of 13.8 million riyals, or a loss of 69 halalas per share, in the year-earlier period.

For the year, the company's normalized net income totaled 68 halalas per share, compared with a loss of 82 halalas per share in the prior year.

Normalized net income was 13.3 million riyals, compared with a loss of 16.1 million riyals in the prior year.

Full-year total revenue declined 14.1% on an annual basis to 89.0 million riyals from 103.5 million riyals, and total operating expenses declined 46.8% year over year to 68.4 million riyals from 128.5 million riyals.

The company said reported net income came to 21.0 million riyals, or 1.07 riyals per share, in the full year, compared with a loss of 25.7 million riyals, or a loss of 1.31 riyals per share, the prior year.

As of Feb. 24, US$1 was equivalent to 3.75 Saudi Arabian riyals.