Fawaz Abdulaziz AlHokair & Co. said its normalized net income for the fiscal first quarter ended June 30 amounted to 59 halalas per share, compared with the S&P Capital IQ consensus estimate of 84 halalas per share.

EPS rose 17.0% year over year from 51 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 124.5 million riyals, an increase of 17.0% from 106.4 million riyals in the year-earlier period.

The normalized profit margin declined to 7.5% from 8.5% in the year-earlier period.

Total revenue rose 32.3% year over year to 1.66 billion riyals from 1.26 billion riyals, and total operating expenses increased 33.7% on an annual basis to 1.45 billion riyals from 1.08 billion riyals.

Reported net income increased 15.8% on an annual basis to 191.3 million riyals, or 91 halalas per share, from 165.2 million riyals, or 79 halalas per share.

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