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Tabuk Agricultural Development Q2 loss widens YOY

4916818 said its normalized net income for the second quarter was a loss of 4 halalas per share, compared with a loss of 2 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 a loss of 2.1 million riyals, compared with a loss of 1.0 million riyals in the prior-year period.

The normalized profit margin declined to negative 14.1% from negative 3.6% in the year-earlier period.

Total revenue declined 17.0% year over year to 23.5 million riyals from 28.2 million riyals, and total operating expenses declined year over year to 29.1 million riyals from 30.4 million riyals.

Reported net income totaled a loss of 4.2 million riyals, or a loss of 9 halalas per share, compared to income of 178,060 riyals, or 0 halalas per share, in the year-earlier period.

s of Aug. 1, US$1 was equivalent to 3.75 Saudi Arabian riyals.Tabuk Agricultural Development Co.

4916818 said its normalized net income for the second quarter was a loss of 4 halalas per share, compared with a loss of 2 halalas per share in the year-earlier period.