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Jarir Marketing profit misses consensus by 29.5% in Q1

Jarir Marketing Co. said its normalized net income for the first quarter amounted to 1.76 Saudi Arabian riyals per share, compared with the S&P Capital IQ consensus estimate of 2.50 riyals per share.

EPS climbed 22.2% year over year from 1.44 riyals.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 158.6 million riyals, an increase of 22.2% from 129.8 million riyals in the prior-year period.

The normalized profit margin declined to 8.3% from 9.3% in the year-earlier period.

Total revenue climbed 36.5% on an annual basis to 1.91 billion riyals from 1.40 billion riyals, and total operating expenses grew 39.0% from the prior-year period to 1.67 billion riyals from 1.20 billion riyals.

Reported net income increased 22.7% from the prior-year period to 247.0 million riyals, or 2.74 riyals per share, from 201.3 million riyals, or 2.24 riyals per share.

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