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Saudi Basic Industries profit misses consensus by 30.0% in Q1

Saudi Basic Industries Corp. said its normalized net income for the first quarter was 70 halalas per share, compared with the S&P Capital IQ consensus estimate of 1 riyal per share.

EPS decreased 29.2% year over year from 99 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.10 billion riyals, a decrease of 29.0% from 2.96 billion riyals in the prior-year period.

The normalized profit margin fell to 5.9% from 6.0% in the year-earlier period.

Total revenue declined 27.8% on an annual basis to 35.56 billion riyals from 49.24 billion riyals, and total operating expenses declined 23.3% from the prior-year period to 29.44 billion riyals from 38.38 billion riyals.

Reported net income decreased 38.9% on an annual basis to 3.93 billion riyals, or 1.31 riyals per share, from 6.44 billion riyals, or 2.15 riyals per share.

As of April 21, US$1 was equivalent to 3.75 Saudi Arabian riyals.