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Al Sorayai Trading & Industrial Q4 loss narrows YOY

Al Sorayai Trading & Industrial Group Co. said its fourth-quarter normalized net income came to a loss of 40 halalas per share, compared with a loss of 64 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 8.9 million riyals, compared with a loss of 14.5 million riyals in the year-earlier period.

The normalized profit margin declined to negative 13.1% from negative 6.9% in the year-earlier period.

Total revenue declined 7.4% on an annual basis to 193.7 million riyals from 209.2 million riyals, and total operating expenses decreased 11.6% from the prior-year period to 205.4 million riyals from 232.4 million riyals.

Reported net income totaled a loss of 14.5 million riyals, or a loss of 65 halalas per share, compared to a loss of 29.7 million riyals, or a loss of 1.32 riyals per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 72 halalas per share, compared with a loss of 51 halalas per share in the prior year.

Normalized net income was a loss of 16.3 million riyals, compared with a loss of 11.4 million riyals in the prior year.

Full-year total revenue fell year over year to 812.4 million riyals from 844.7 million riyals, and total operating expenses declined on an annual basis to 827.0 million riyals from 859.1 million riyals.

The company said reported net income came to a loss of 28.4 million riyals, or a loss of 1.26 riyals per share, in the full year, compared with a loss of 29.5 million riyals, or a loss of 1.31 riyals per share, the prior year.

As of Feb. 24, US$1 was equivalent to 3.75 Saudi Arabian riyals.