Halwani Bros. Co. Ltd. said its normalized net income for the fourth quarter came to 90 halalas per share, compared with the S&P Capital IQ consensus estimate of 1.10 riyals per share.

EPS climbed 34.4% year over year from 67 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 25.7 million riyals, a gain of 34.4% from 19.1 million riyals in the prior-year period.

The normalized profit margin rose to 9.8% from 7.2% in the year-earlier period.

Total revenue came to 262.7 million riyals, compared with 264.1 million riyals in the year-earlier period, and total operating expenses fell from the prior-year period to 225.5 million riyals from 231.8 million riyals.

Reported net income increased 63.7% year over year to 38.7 million riyals, or 1.35 riyals per share, from 23.6 million riyals, or 83 halalas per share.

For the year, the company's normalized net income totaled 3.15 riyals per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 3.80 riyals.

EPS rose 8.1% from 2.91 riyals in the prior year.

Normalized net income was 90.0 million riyals, a rise of 8.1% from 83.2 million riyals in the prior year.

Full-year total revenue amounted to 1.08 billion riyals, compared with 1.06 billion riyals in the prior year, and total operating expenses came to 926.5 million riyals, compared with 930.7 million riyals in the year-earlier period.

The company said reported net income rose 26.8% on an annual basis to 115.1 million riyals, or 4.03 riyals per share, in the full year, from 90.8 million riyals, or 3.18 riyals per share.

As of Feb. 16, US$1 was equivalent to 3.75 Saudi Arabian riyals.