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Almarai profit misses consensus by 36.6% in Q3

Almarai - Joint Stock Co. said its third-quarter normalized net income was 38 halalas per share, compared with the S&P Capital IQ consensus estimate of 61 halalas per share.

EPS increased 6.4% year over year from 36 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 384.2 million riyals, an increase of 6.4% from 361.0 million riyals in the year-earlier period.

The normalized profit margin declined to 10.9% from 11.0% in the year-earlier period.

Total revenue climbed 7.8% on an annual basis to 3.52 billion riyals from 3.27 billion riyals, and total operating expenses grew 8.6% year over year to 2.85 billion riyals from 2.62 billion riyals.

Reported net income grew 10.2% from the prior-year period to 582.0 million riyals, or 58 halalas per share, from 528.0 million riyals, or 53 halalas per share.

As of Oct. 8, US$1 was equivalent to 3.75 Saudi Arabian riyals.