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Wafrah for Industry & Development swings to profit in Q1

Wafrah for Industry & Development Co. said its normalized net income for the first quarter came to 2 halalas per share, compared with a loss of 11 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 318,960 riyals, compared with a loss of 2.1 million riyals in the year-earlier period.

The normalized profit margin climbed to 1.1% from negative 14.1% in the year-earlier period.

Total revenue rose 90.5% year over year to 28.7 million riyals from 15.1 million riyals, and total operating expenses climbed 52.9% on an annual basis to 28.2 million riyals from 18.5 million riyals.

Reported net income came to 160,340 riyals, or 1 halalas per share, compared to a loss of 3.7 million riyals, or a loss of 19 halalas per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 3.75 Saudi Arabian riyals.