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Anaam International swings to profit in Q2

Anaam International Holding Group Co. said its second-quarter normalized net income was 22 halalas per share, compared with a loss of 5 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 4.3 million riyals, compared with a loss of 951,620 riyals in the year-earlier period.

The normalized profit margin rose to 14.7% from negative 3.3% in the year-earlier period.

Total revenue increased on an annual basis to 29.4 million riyals from 28.6 million riyals, and total operating expenses declined 25.6% on an annual basis to 22.0 million riyals from 29.6 million riyals.

Reported net income totaled 6.8 million riyals, or 35 halalas per share, compared to a loss of 1.8 million riyals, or a loss of 9 halalas per share, in the prior-year period.

As of July 15, US$1 was equivalent to 3.75 Saudi Arabian riyals.