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Al Abdullatif Industrial Investment Q1 profit falls YOY

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.