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Agthia Group profit misses consensus by 22.7% in Q1

Agthia Group PJSC said its normalized net income for the first quarter was 6 United Arab Emirates fils per share, compared with the S&P Capital IQ consensus estimate of 8 fils per share.

EPS climbed 21.1% year over year from 5 fils.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 37.0 million dirhams, an increase of 20.5% from 30.7 million dirhams in the year-earlier period.

The normalized profit margin climbed to 8.5% from 7.9% in the year-earlier period.

Total revenue increased 11.5% on an annual basis to 434.9 million dirhams from 390.1 million dirhams, and total operating expenses rose 10.7% year over year to 377.9 million dirhams from 341.3 million dirhams.

Reported net income increased 21.6% from the prior-year period to 59.2 million dirhams, or 10 fils per share, from 48.7 million dirhams, or 8 fils per share.

As of April 27, US$1 was equivalent to 3.67 United Arab Emirates dirhams.