Abdullah Al-Othaim Markets Co. said its normalized net income for the fourth quarter was 1.28 Saudi Arabian riyals per share, compared with the S&P Capital IQ consensus estimate of 1.75 riyals per share.

EPS increased 21.2% year over year from 1.06 riyals.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 57.6 million riyals, an increase of 21.2% from 47.5 million riyals in the year-earlier period.

The normalized profit margin increased to 3.7% from 3.6% in the year-earlier period.

Total revenue increased 18.7% on an annual basis to 1.55 billion riyals from 1.31 billion riyals, and total operating expenses rose 18.9% on an annual basis to 1.47 billion riyals from 1.24 billion riyals.

Reported net income rose 20.2% year over year to 89.2 million riyals, or 1.98 riyals per share, from 74.2 million riyals, or 1.65 riyals per share.

For the year, the company's normalized net income totaled 3.29 riyals per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 4.90 riyals.

EPS rose 7.7% from 3.06 riyals in the prior year.

Normalized net income was 148.3 million riyals, a gain of 7.7% from 137.6 million riyals in the prior year.

Full-year total revenue rose 14.9% from the prior-year period to 6.04 billion riyals from 5.25 billion riyals, and total operating expenses rose 15.4% year over year to 5.83 billion riyals from 5.05 billion riyals.

The company said reported net income increased 7.5% year over year to 230.9 million riyals, or 5.13 riyals per share, in the full year, from 214.8 million riyals, or 4.77 riyals per share.

As of Feb. 25, US$1 was equivalent to 3.75 Saudi Arabian riyals.