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Al Hassan Ghazi profit misses consensus by 43.1% in Q2

Al Hassan Ghazi Ibrahim Shaker Closed JSC said its second-quarter normalized net income amounted to 49 halalas per share, compared with the S&P Capital IQ consensus estimate of 87 halalas per share.

EPS decreased 43.0% year over year from 87 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 31.2 million riyals, a decrease of 43.0% from 54.7 million riyals in the year-earlier period.

The normalized profit margin declined to 5.8% from 8.5% in the year-earlier period.

Total revenue fell 17.0% year over year to 533.8 million riyals from 643.3 million riyals, and total operating expenses fell 14.8% from the prior-year period to 495.8 million riyals from 581.7 million riyals.

Reported net income fell 41.8% from the prior-year period to 47.7 million riyals, or 76 halalas per share, from 82.0 million riyals, or 1.30 riyals per share.

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