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Dullah Al-Othaim Markets profit misses consensus by 51.0% in Q2

Abdullah Al-Othaim Markets Co. said its second-quarter normalized net income was 71 halalas per share, compared with the S&P Capital IQ consensus estimate of 1.45 riyals per share.

EPS decreased 10.5% year over year from 79 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 31.9 million riyals, a decline of 10.5% from 35.6 million riyals in the year-earlier period.

The normalized profit margin fell to 1.6% from 2.1% in the year-earlier period.

Total revenue increased 17.1% year over year to 2.02 billion riyals from 1.73 billion riyals, and total operating expenses rose 17.5% year over year to 1.97 billion riyals from 1.68 billion riyals.

Reported net income fell 9.6% from the prior-year period to 50.3 million riyals, or 1.12 riyals per share, from 55.7 million riyals, or 1.24 riyals per share.

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