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Herfy Food Services profit misses consensus by 33.9% in Q1

Herfy Food Services Co. said its normalized net income for the first quarter came to 54 halalas per share, compared with the S&P Capital IQ consensus estimate of 81 halalas per share.

EPS rose 13.0% year over year from 48 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 34.8 million riyals, an increase of 13.0% from 30.8 million riyals in the year-earlier period.

The normalized profit margin fell to 13.1% from 14.3% in the year-earlier period.

Total revenue climbed 22.8% year over year to 265.2 million riyals from 215.9 million riyals, and total operating expenses increased 25.6% on an annual basis to 209.5 million riyals from 166.8 million riyals.

Reported net income increased 13.6% on an annual basis to 54.5 million riyals, or 84 halalas per share, from 48.0 million riyals, or 74 halalas per share.

As of April 22, US$1 was equivalent to 3.75 Saudi Arabian riyals.