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Saudi Marketing Q2 profit climbs 13.8% YOY

Saudi Marketing Company Ltd said its second-quarter normalized net income came to 47 halalas per share, a gain of 13.8% from 41 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 21.2 million riyals, an increase of 13.8% from 18.7 million riyals in the prior-year period.

The normalized profit margin rose to 4.1% from 3.9% in the year-earlier period.

Total revenue increased 8.1% year over year to 513.8 million riyals from 475.2 million riyals, and total operating expenses grew 7.6% year over year to 479.6 million riyals from 445.8 million riyals.

Reported net income grew 12.7% on an annual basis to 32.8 million riyals, or 73 halalas per share, from 29.1 million riyals, or 65 halalas per share.

As of July 15, US$1 was equivalent to 3.75 Saudi Arabian riyals.