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Saudia Dairy & Foodstuff profit misses consensus by 37.6% in fiscal Q2

Saudia Dairy & Foodstuff Co. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 99 halalas per share, compared with the S&P Capital IQ consensus estimate of 1.58 riyals per share.

EPS rose year over year from 97 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 31.9 million riyals, compared with 31.6 million riyals in the year-earlier period.

The normalized profit margin fell to 7.4% from 8.3% in the year-earlier period.

Total revenue grew 13.6% on an annual basis to 431.3 million riyals from 379.6 million riyals, and total operating expenses grew 15.7% year over year to 379.6 million riyals from 328.0 million riyals.

Reported net income rose year over year to 47.7 million riyals, or 1.47 riyals per share, from 46.0 million riyals, or 1.42 riyals per share.

As of Oct. 30, US$1 was equivalent to 3.75 Saudi Arabian riyals.