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Savola Group profit misses consensus by 67.7% in Q1

Savola Group Co. said its first-quarter normalized net income came to 29 halalas per share, compared with the S&P Capital IQ consensus estimate of 89 halalas per share.

EPS declined 41.7% year over year from 49 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 153.4 million riyals, a decrease of 41.7% from 263.2 million riyals in the year-earlier period.

The normalized profit margin fell to 2.8% from 4.2% in the year-earlier period.

Total revenue climbed 4.9% year over year to 6.55 billion riyals from 6.24 billion riyals, and total operating expenses increased 6.1% on an annual basis to 6.30 billion riyals from 5.94 billion riyals.

Reported net income increased 12.5% on an annual basis to 470.5 million riyals, or 88 halalas per share, from 418.2 million riyals, or 78 halalas per share.

As of April 22, US$1 was equivalent to 3.75 Saudi Arabian riyals.