AlJouf Agricultural Development Co. said its fourth-quarter normalized net income was 40 halalas per share, compared with the S&P Capital IQ consensus estimate of 1.37 riyals per share.

EPS fell 50.0% year over year from 80 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.9 million riyals, a decrease of 49.9% from 23.8 million riyals in the prior-year period.

The normalized profit margin declined to 0.2% from 21.6% in the year-earlier period.

Total revenue climbed 7.5% on an annual basis to 118.5 million riyals from 110.2 million riyals, and total operating expenses increased 39.7% from the prior-year period to 102.1 million riyals from 73.1 million riyals.

Reported net income decreased 48.6% on an annual basis to 19.0 million riyals, or 63 halalas per share, from 36.9 million riyals, or 1.23 riyals per share.

For the year, the company's normalized net income totaled 1.95 riyals per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 3.78 riyals.

EPS declined 16.2% from 2.33 riyals in the prior year.

Normalized net income was 58.5 million riyals, a fall of 16.1% from 69.8 million riyals in the prior year.

Full-year total revenue rose 5.3% on an annual basis to 369.0 million riyals from 350.3 million riyals, and total operating expenses increased 13.3% year over year to 279.1 million riyals from 246.3 million riyals.

The company said reported net income declined 14.9% on an annual basis to 91.1 million riyals, or 3.04 riyals per share, in the full year, from 107.0 million riyals, or 3.57 riyals per share.

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