Saudia Dairy & Foodstuff Co. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 63 halalas per share, a decrease of 40.7% from 1.06 riyals per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 20.5 million riyals, a decrease of 40.7% from 34.6 million riyals in the year-earlier period.
The normalized profit margin declined to 4.4% from 8.9% in the year-earlier period.
Total revenue rose 20.1% on an annual basis to 464.2 million riyals from 386.5 million riyals, and total operating expenses increased 29.3% year over year to 430.2 million riyals from 332.6 million riyals.
Reported net income decreased 45.0% on an annual basis to 29.3 million riyals, or 90 halalas per share, from 53.2 million riyals, or 1.64 riyals per share.
For the year, the company's normalized net income totaled 2.95 riyals per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 5.36 riyals.
EPS declined 17.3% from 3.56 riyals in the prior year.
Normalized net income was 95.8 million riyals, a fall of 17.3% from 115.8 million riyals in the prior year.
Full-year total revenue increased 16.4% on an annual basis to 1.81 billion riyals from 1.55 billion riyals, and total operating expenses rose 20.6% on an annual basis to 1.65 billion riyals from 1.37 billion riyals.
The company said reported net income declined 17.4% on an annual basis to 141.3 million riyals, or 4.35 riyals per share, in the full year, from 171.2 million riyals, or 5.27 riyals per share.
As of May 18, US$1 was equivalent to 3.75 Saudi Arabian riyals.