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Al Meera Consumer Goods profit misses consensus by 41.7% in full year

Al Meera Consumer Goods Co. Q.S.C. said its normalized net income for the full year came to 6.38 Qatari riyals per share, compared with the S&P Capital IQ consensus estimate of 10.95 riyals per share.

EPS climbed 21.5% year over year from 5.25 riyals.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 127.7 million riyals, a gain of 21.5% from 105.1 million riyals in the year-earlier period.

The normalized profit margin increased to 5.2% from 4.8% in the year-earlier period.

Total revenue rose 12.5% on an annual basis to 2.45 billion riyals from 2.18 billion riyals, and total operating expenses climbed 11.5% on an annual basis to 2.26 billion riyals from 2.02 billion riyals.

Reported net income decreased 30.7% year over year to 158.7 million riyals, or 7.93 riyals per share, from 228.9 million riyals, or 11.45 riyals per share.

As of Feb. 22, US$1 was equivalent to 3.64 Qatari riyals.