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Abdulmohsen Al-Hokair profit misses consensus by 62.2% in Q4

Abdulmohsen Al-Hokair Group for Tourism and Development Co. said its normalized net income for the fourth quarter was 38 halalas per share, compared with the S&P Capital IQ consensus estimate of 1 riyal per share.

EPS declined 33.2% year over year from 57 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 20.8 million riyals, a decline of 33.3% from 31.2 million riyals in the year-earlier period.

The normalized profit margin declined to 7.5% from 13.4% in the year-earlier period.

Total revenue increased 18.5% on an annual basis to 275.6 million riyals from 232.5 million riyals, and total operating expenses grew 34.1% from the prior-year period to 248.0 million riyals from 184.9 million riyals.

Reported net income decreased 36.5% year over year to 31.9 million riyals, or 58 halalas per share, from 50.2 million riyals, or 91 halalas per share.

For the year, the company's normalized net income totaled 2.21 riyals per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 4.38 riyals.

EPS declined from 2.27 riyals in the prior year.

Normalized net income was 121.7 million riyals, a decline from 124.7 million riyals in the prior year.

Full-year total revenue grew 20.4% from the prior-year period to 1.15 billion riyals from 951.6 million riyals, and total operating expenses increased 26.7% on an annual basis to 975.0 million riyals from 769.4 million riyals.

The company said reported net income decreased on an annual basis to 189.8 million riyals, or 3.45 riyals per share, in the full year, from 196.5 million riyals, or 3.57 riyals per share.

As of Feb. 25, US$1 was equivalent to 3.75 Saudi Arabian riyals.