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Fawaz Abdulaziz AlHokair profit misses consensus by 42.5% in fiscal Q2

Fawaz Abdulaziz AlHokair & Co. said its normalized net income for the fiscal second quarter ended Sept. 30 was 93 halalas per share, compared with the S&P Capital IQ consensus estimate of 1.61 riyals per share.

In the prior-year period, the per-share result came in at a profit of 93 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 194.5 million riyals, compared with 194.7 million riyals in the prior-year period.

The normalized profit margin increased to 10.5% from 9.4% in the year-earlier period.

Total revenue rose 6.1% on an annual basis to 2.20 billion riyals from 2.07 billion riyals, and total operating expenses increased from the prior-year period to 1.87 billion riyals from 1.78 billion riyals.

Reported net income increased year over year to 310.7 million riyals, or 1.48 riyals per share, from 303.7 million riyals, or 1.45 riyals per share.

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