Jazan Development Co. said its normalized net income for the first quarter amounted to 833,520 riyals, a gain from 107,250 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 climbed to 4.1% from 0.9% in the year-earlier period.

Total revenue grew 77.0% on an annual basis to 20.3 million riyals from 11.4 million riyals, and total operating expenses grew 58.4% from the prior-year period to 19.1 million riyals from 12.1 million riyals.

Reported net income grew on an annual basis to 1.2 million riyals, or 2 halalas per share, from 71,600 riyals, or 0 halalas per share.

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