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Jarir Marketing profit misses consensus by 36.0% in Q2

Jarir Marketing Co. said its normalized net income for the second quarter amounted to 1.12 Saudi Arabian riyals per share, compared with the S&P Capital IQ consensus estimate of 1.75 riyals per share.

EPS rose 14.2% year over year from 98 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 101.0 million riyals, a gain of 14.2% from 88.4 million riyals in the year-earlier period.

The normalized profit margin climbed to 7.2% from 6.9% in the year-earlier period.

Total revenue grew 9.0% year over year to 1.41 billion riyals from 1.29 billion riyals, and total operating expenses climbed 8.5% year over year to 1.25 billion riyals from 1.16 billion riyals.

Reported net income rose 14.5% on an annual basis to 154.9 million riyals, or 1.72 riyals per share, from 135.2 million riyals, or 1.50 riyals per share.

As of July 23, US$1 was equivalent to 3.75 Saudi Arabian riyals.