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Dullah Al-Othaim Markets profit misses consensus by 43.0% in Q1

Abdullah Al-Othaim Markets Co. said its normalized net income for the first quarter amounted to 70 halalas per share, compared with the S&P Capital IQ consensus estimate of 1.22 riyals per share.

EPS rose 5.4% year over year from 66 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 31.3 million riyals, an increase of 5.4% from 29.7 million riyals in the year-earlier period.

The normalized profit margin fell to 2.2% from 2.4% in the year-earlier period.

Total revenue grew 15.1% year over year to 1.41 billion riyals from 1.22 billion riyals, and total operating expenses grew 15.7% year over year to 1.37 billion riyals from 1.18 billion riyals.

Reported net income increased 5.2% year over year to 48.9 million riyals, or 1.09 riyals per share, from 46.5 million riyals, or 1.03 riyals per share.

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