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Al Hassan Ghazi Q4 loss widens YOY

Al Hassan Ghazi Ibrahim Shaker Closed JSC said its normalized net income for the fourth quarter came to a loss of 18 halalas per share, compared with the S&P Capital IQ consensus estimate of 15 halalas per share.

The per-share loss increased year over year from 7 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 11.5 million riyals, compared with a loss of 4.7 million riyals in the prior-year period.

The normalized profit margin fell to negative 3.1% from negative 1.3% in the year-earlier period.

Total revenue grew 6.4% on an annual basis to 374.7 million riyals from 352.0 million riyals, and total operating expenses grew 12.0% from the prior-year period to 397.0 million riyals from 354.4 million riyals.

Reported net income totaled a loss of 17.8 million riyals, or a loss of 28 halalas per share, compared to a loss of 10.0 million riyals, or a loss of 16 halalas per share, in the year-earlier period.

For the year, the company's normalized net income totaled 1.49 riyals per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 2.60 riyals.

EPS rose from 69 halalas in the prior year.

Normalized net income was 93.6 million riyals, an increase from 43.3 million riyals in the prior year.

Full-year total revenue increased 21.2% on an annual basis to 1.89 billion riyals from 1.56 billion riyals, and total operating expenses grew 24.1% year over year to 1.80 billion riyals from 1.45 billion riyals.

The company said reported net income fell 63.1% on an annual basis to 136.5 million riyals, or 2.17 riyals per share, in the full year, from 369.8 million riyals, or 5.87 riyals per share.

As of Feb. 24, US$1 was equivalent to 3.75 Saudi Arabian riyals.