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Fawaz Abdulaziz AlHokair profit misses consensus by 47.8% in fiscal Q3

Fawaz Abdulaziz AlHokair & Co. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 33 halalas per share, compared with the S&P Capital IQ consensus estimate of 64 halalas per share.

EPS fell 21.4% year over year from 43 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 70.2 million riyals, a decrease of 21.4% from 89.3 million riyals in the prior-year period.

The normalized profit margin declined to 4.5% from 6.9% in the year-earlier period.

Total revenue increased 19.4% on an annual basis to 1.55 billion riyals from 1.30 billion riyals, and total operating expenses rose 23.2% year over year to 1.42 billion riyals from 1.15 billion riyals.

Reported net income fell 20.3% year over year to 106.2 million riyals, or 51 halalas per share, from 133.3 million riyals, or 63 halalas per share.

As of Jan. 22, US$1 was equivalent to 3.76 Saudi Arabian riyals.