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Zad Holding Q1 profit climbs YOY

Zad Holding Co. (S.A.Q) said its normalized net income for the first quarter came to 1.56 Qatari riyals per share, compared with 1.55 riyals per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 33.7 million riyals, compared with 33.4 million riyals in the year-earlier period.

The normalized profit margin dropped to 13.4% from 16.1% in the year-earlier period.

Total revenue increased 21.3% on an annual basis to 252.1 million riyals from 207.8 million riyals, and total operating expenses grew 25.4% on an annual basis to 221.7 million riyals from 176.9 million riyals.

Reported net income totaled 53.9 million riyals, or 2.50 riyals per share, compared to 53.4 million riyals, or 2.48 riyals per share, in the year-earlier period.

As of April 30, US$1 was equivalent to 3.64 Qatari riyals.