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Al Hassan Ghazi Q2 profit climbs YOY

Al Hassan Ghazi Ibrahim Shaker Closed JSC said its normalized net income for the second quarter was 87 halalas per share, compared with the S&P Capital IQ consensus estimate of 87 halalas per share.

EPS rose year over year from 38 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 54.7 million riyals, an increase from 23.9 million riyals in the year-earlier period.

The normalized profit margin increased to 8.5% from 4.9% in the year-earlier period.

Total revenue rose 32.8% year over year to 643.3 million riyals from 484.4 million riyals, and total operating expenses rose 36.7% year over year to 581.7 million riyals from 425.6 million riyals.

Reported net income decreased 76.1% year over year to 82.0 million riyals, or 1.30 riyals per share, from 343.7 million riyals, or 5.46 riyals per share.

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