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Savola Group profit misses consensus by 43.1% in Q2

Savola Group Co. said its normalized net income for the second quarter came to 54 halalas per share, compared with the S&P Capital IQ consensus estimate of 96 halalas per share.

EPS decreased year over year from 56 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 290.2 million riyals, a decline from 301.4 million riyals in the prior-year period.

The normalized profit margin increased to 4.1% from 4.1% in the year-earlier period.

Total revenue increased on an annual basis to 7.42 billion riyals from 7.34 billion riyals, and total operating expenses rose year over year to 7.08 billion riyals from 6.93 billion riyals.

Reported net income declined 12.3% on an annual basis to 434.4 million riyals, or 81 halalas per share, from 495.0 million riyals, or 93 halalas per share.

As of July 30, US$1 was equivalent to 3.75 Saudi Arabian riyals.