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Dullah Al-Othaim Markets profit misses consensus by 38.8% in Q2

Abdullah Al-Othaim Markets Co. said its second-quarter normalized net income came to 79 halalas per share, compared with the S&P Capital IQ consensus estimate of 1.29 riyals per share.

EPS climbed 7.0% year over year from 74 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 35.6 million riyals, an increase of 7.0% from 33.3 million riyals in the year-earlier period.

The normalized profit margin declined to 2.1% from 2.2% in the year-earlier period.

Total revenue increased 14.2% year over year to 1.73 billion riyals from 1.51 billion riyals, and total operating expenses grew 14.6% year over year to 1.68 billion riyals from 1.46 billion riyals.

Reported net income rose 7.5% on an annual basis to 55.7 million riyals, or 1.24 riyals per share, from 51.8 million riyals, or 1.15 riyals per share.

As of July 23, US$1 was equivalent to 3.75 Saudi Arabian riyals.