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Saudia Dairy & Foodstuff profit misses consensus by 49.3% in fiscal Q1

Saudia Dairy & Foodstuff Co. said its normalized net income for the fiscal first quarter ended June 30 came to 73 halalas per share, compared with the S&P Capital IQ consensus estimate of 1.44 riyals per share.

In the prior-year period, the per-share result came in at a profit of 73 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 23.7 million riyals, compared with 23.6 million riyals in the prior-year period.

The normalized profit margin declined to 5.1% from 5.5% in the year-earlier period.

Total revenue grew 8.4% on an annual basis to 463.6 million riyals from 427.9 million riyals, and total operating expenses grew 8.9% on an annual basis to 425.3 million riyals from 390.7 million riyals.

Reported net income increased year over year to 34.0 million riyals, or 1.05 riyals per share, from 33.2 million riyals, or 1.02 riyals per share.

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