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Tourism Enterprises Q2 profit falls YOY

Tourism Enterprises Co. said its normalized net income for the second quarter was 7 halalas per share, a decrease of 38.4% from 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 701,370 riyals, a decline of 39.2% from 1.2 million riyals in the prior-year period.

The normalized profit margin declined to 15.8% from 21.0% in the year-earlier period.

Total revenue declined 14.6% year over year to 4.7 million riyals from 5.5 million riyals, and total operating expenses decreased year over year to 3.6 million riyals from 3.6 million riyals.

Reported net income decreased 44.5% year over year to 902,190 riyals, or 9 halalas per share, from 1.6 million riyals, or 16 halalas per share.

As of July 26, US$1 was equivalent to 3.75 Saudi Arabian riyals.