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Jazan Development swings to profit in Q1

Jazan Development Co. said its first-quarter normalized net income was 107,250 riyals, compared with a loss of 1.2 million riyals in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 0.9% from negative 8.9% in the year-earlier period.

Total revenue decreased 17.5% year over year to 11.4 million riyals from 13.9 million riyals, and total operating expenses decreased 28.8% on an annual basis to 12.1 million riyals from 16.9 million riyals.

Reported net income totaled 71,600 riyals, or 0 halalas per share, compared to a loss of 2.1 million riyals, or a loss of 4 halalas per share, in the year-earlier period.

As of April 21, US$1 was equivalent to 3.75 Saudi Arabian riyals.