Saudi Marketing Company Ltd said its fourth-quarter normalized net income amounted to 21 halalas per share, a decrease of 28.9% from 30 halalas per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.5 million riyals, a decrease of 28.9% from 13.3 million riyals in the prior-year period.

The normalized profit margin declined to 2.0% from 3.0% in the year-earlier period.

Total revenue grew 5.3% on an annual basis to 474.3 million riyals from 450.6 million riyals, and total operating expenses grew 8.3% on an annual basis to 457.7 million riyals from 422.6 million riyals.

Reported net income decreased 29.5% year over year to 16.3 million riyals, or 36 halalas per share, from 23.1 million riyals, or 51 halalas per share.

For the year, the company's normalized net income totaled 1.51 riyals per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 2.69 riyals.

EPS rose from 1.47 riyals in the prior year.

Normalized net income was 67.9 million riyals, a gain from 66.2 million riyals in the prior year.

Full-year total revenue grew 8.7% on an annual basis to 1.89 billion riyals from 1.74 billion riyals, and total operating expenses increased 8.8% on an annual basis to 1.77 billion riyals from 1.63 billion riyals.

The company said reported net income rose on an annual basis to 107.1 million riyals, or 2.38 riyals per share, in the full year, from 104.5 million riyals, or 2.32 riyals per share.

As of Feb. 25, US$1 was equivalent to 3.75 Saudi Arabian riyals.