Al Abdullatif Industrial Investment Co. said its normalized net income for the first quarter was 38 halalas per share, a decrease of 19.2% from 47 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 30.6 million riyals, a decline of 19.2% from 37.9 million riyals in the prior-year period.
The normalized profit margin dropped to 9.9% from 11.3% in the year-earlier period.
Total revenue decreased 7.7% on an annual basis to 310.9 million riyals from 336.8 million riyals, and total operating expenses declined 5.4% on an annual basis to 259.1 million riyals from 274.0 million riyals.
Reported net income fell 24.9% from the prior-year period to 45.0 million riyals, or 55 halalas per share, from 59.9 million riyals, or 74 halalas per share.
As of April 24, US$1 was equivalent to 3.75 Saudi Arabian riyals.
