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National Agricultural Development Q2 profit climbs 35.7% YOY

National Agricultural Development Co. said its second-quarter normalized net income amounted to 27 halalas per share, a gain of 35.7% from 20 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 23.1 million riyals, an increase of 35.7% from 17.0 million riyals in the prior-year period.

The normalized profit margin climbed to 3.6% from 3.0% in the year-earlier period.

Total revenue rose 19.1% year over year to 685.7 million riyals from 575.6 million riyals, and total operating expenses climbed 17.5% from the prior-year period to 635.8 million riyals from 541.0 million riyals.

Reported net income grew 25.4% year over year to 35.1 million riyals, or 41 halalas per share, from 28.0 million riyals, or 33 halalas per share.

As of July 13, US$1 was equivalent to 3.75 Saudi Arabian riyals.