Jarir Marketing Co. said its first-quarter normalized net income was 1.24 Saudi Arabian riyals per share, compared with the S&P Capital IQ consensus estimate of 2.33 riyals per share.

EPS decreased 29.9% year over year from 1.76 riyals.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 111.2 million riyals, a decrease of 29.9% from 158.6 million riyals in the year-earlier period.

The normalized profit margin fell to 7.9% from 8.3% in the year-earlier period.

Total revenue decreased 25.8% on an annual basis to 1.42 billion riyals from 1.91 billion riyals, and total operating expenses decreased 24.8% year over year to 1.25 billion riyals from 1.67 billion riyals.

Reported net income fell 29.5% year over year to 174.1 million riyals, or 1.93 riyals per share, from 247.0 million riyals, or 2.74 riyals per share.

As of April 20, US$1 was equivalent to 3.75 Saudi Arabian riyals.