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National Agricultural Marketing Q2 profit falls YOY

National Agricultural Marketing Co. said its normalized net income for the second quarter came to 9 halalas per share, a decrease of 43.3% from 16 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 920,840 riyals, a decrease of 44.2% from 1.6 million riyals in the year-earlier period.

The normalized profit margin fell to 2.5% from 4.9% in the year-earlier period.

Total revenue climbed 11.6% on an annual basis to 37.2 million riyals from 33.4 million riyals, and total operating expenses increased 18.1% year over year to 36.3 million riyals from 30.8 million riyals.

Reported net income decreased 18.0% from the prior-year period to 2.5 million riyals, or 25 halalas per share, from 3.0 million riyals, or 30 halalas per share.

As of Aug. 6, US$1 was equivalent to 3.75 Saudi Arabian riyals.