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Saudi Industrial Development Q2 profit falls YOY

Saudi Industrial Development Co. said its normalized net income for the second quarter came to 14 halalas per share, a decline of 38.0% from 23 halalas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.8 million riyals, a decrease of 38.0% from 9.3 million riyals in the year-earlier period.

The normalized profit margin dropped to 2.7% from 10.1% in the year-earlier period.

Total revenue decreased 14.5% year over year to 79.1 million riyals from 92.5 million riyals, and total operating expenses declined 5.2% from the prior-year period to 78.1 million riyals from 82.4 million riyals.

Reported net income decreased 38.2% on an annual basis to 7.7 million riyals, or 19 halalas per share, from 12.5 million riyals, or 31 halalas per share.

As of Aug. 2, US$1 was equivalent to 3.75 Saudi Arabian riyals.