Herfy Food Services Co. said its normalized net income for the fourth quarter came to 46 halalas per share, compared with the S&P Capital IQ consensus estimate of 93 halalas per share.

EPS increased 39.7% year over year from 33 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 30.0 million riyals, an increase of 39.7% from 21.4 million riyals in the prior-year period.

The normalized profit margin increased to 11.0% from 8.8% in the year-earlier period.

Total revenue climbed 12.4% on an annual basis to 273.0 million riyals from 242.8 million riyals, and total operating expenses grew 15.9% on an annual basis to 227.0 million riyals from 195.8 million riyals.

Reported net income declined 7.1% year over year to 45.2 million riyals, or 70 halalas per share, from 48.7 million riyals, or 75 halalas per share.

For the year, the company's normalized net income totaled 2.01 riyals per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 3.34 riyals.

EPS rose 7.0% from 1.88 riyals in the prior year.

Normalized net income was 130.2 million riyals, a gain of 7.0% from 121.8 million riyals in the prior year.

Full-year total revenue increased 18.3% year over year to 1.08 billion riyals from 910.1 million riyals, and total operating expenses rose 21.3% year over year to 868.9 million riyals from 716.5 million riyals.

The company said reported net income fell on an annual basis to 202.7 million riyals, or 3.13 riyals per share, in the full year, from 205.8 million riyals, or 3.18 riyals per share.

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