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Saudi Basic Industries profit misses consensus by 35.7% in Q2

Saudi Basic Industries Corp. said its normalized net income for the second quarter amounted to 1.02 Saudi Arabian riyals per share, compared with the S&P Capital IQ consensus estimate of 1.59 riyals per share.

EPS decreased year over year from 1.06 riyals.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.06 billion riyals, a decrease from 3.18 billion riyals in the year-earlier period.

The normalized profit margin increased to 7.3% from 6.6% in the year-earlier period.

Total revenue fell 12.6% year over year to 42.09 billion riyals from 48.15 billion riyals, and total operating expenses declined 14.0% year over year to 32.76 billion riyals from 38.09 billion riyals.

Reported net income declined on an annual basis to 6.17 billion riyals, or 2.06 riyals per share, from 6.46 billion riyals, or 2.15 riyals per share.

As of July 31, US$1 was equivalent to 3.75 Saudi Arabian riyals.