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Almarai profit misses consensus by 41.2% in Q1

Almarai - Joint Stock Co. said its first-quarter normalized net income amounted to 19 halalas per share, compared with the S&P Capital IQ consensus estimate of 33 halalas per share.

EPS rose 11.4% year over year from 17 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 193.9 million riyals, a gain of 11.4% from 174.1 million riyals in the year-earlier period.

The normalized profit margin fell to 6.4% from 6.4% in the year-earlier period.

Total revenue climbed 11.7% on an annual basis to 3.04 billion riyals from 2.72 billion riyals, and total operating expenses increased 10.5% on an annual basis to 2.66 billion riyals from 2.41 billion riyals.

Reported net income increased 14.0% year over year to 294.0 million riyals, or 29 halalas per share, from 258.0 million riyals, or 26 halalas per share.

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