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Saudi Automotive Services Q1 profit falls YOY

Saudi Automotive Services Co. said its first-quarter normalized net income amounted to 6 halalas per share, a decrease of 39.2% from 10 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 3.3 million riyals, a decrease of 38.7% from 5.4 million riyals in the year-earlier period.

The normalized profit margin dropped to 1.7% from 5.5% in the year-earlier period.

Total revenue grew 29.1% on an annual basis to 126.5 million riyals from 98.0 million riyals, and total operating expenses grew 30.4% on an annual basis to 123.5 million riyals from 94.8 million riyals.

Reported net income declined 58.5% on an annual basis to 3.2 million riyals, or 6 halalas per share, from 7.8 million riyals, or 14 halalas per share.

As of April 20, US$1 was equivalent to 3.75 Saudi Arabian riyals.