Mezzan Holding Co. KSCP said its normalized net income for the fourth quarter amounted to 2.0 million dinars, a decrease of 9.3% from 2.2 million dinars in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin fell to 4.4% from 4.8% in the year-earlier period.
Total revenue decreased year over year to 45.3 million dinars from 46.0 million dinars, and total operating expenses fell year over year to 41.8 million dinars from 42.7 million dinars.
Reported net income rose 7.0% year over year to 3.3 million dinars, or 1 fils per share, from 3.1 million dinars, or 1 fils per share.
For the year, the company's normalized net income totaled 3 fils per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 7 fils.
EPS rose 23.3% from 3 fils in the prior year.
Normalized net income was 10.5 million dinars, an increase of 23.3% from 8.5 million dinars in the prior year.
Full-year total revenue grew 7.5% from the prior-year period to 196.1 million dinars from 182.5 million dinars, and total operating expenses rose 7.2% on an annual basis to 178.2 million dinars from 166.3 million dinars.
The company said reported net income rose 31.8% year over year to 19.4 million dinars, or 6 fils per share, in the full year, from 14.8 million dinars, or 5 fils per share.
As of March 4, US$1 was equivalent to 30 Kuwaiti fils.