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Emirates Driving Q1 profit climbs 63.2% YOY

Emirates Driving Co. PJSC said its normalized net income for the first quarter was 16 United Arab Emirates fils per share, an increase of 63.2% from 10 fils per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 14.0 million dirhams, a gain of 63.2% from 8.6 million dirhams in the prior-year period.

The normalized profit margin rose to 24.1% from 19.4% in the year-earlier period.

Total revenue climbed 31.0% on an annual basis to 58.0 million dirhams from 44.3 million dirhams, and total operating expenses rose 10.4% year over year to 34.5 million dirhams from 31.3 million dirhams.

Reported net income grew 62.2% year over year to 23.0 million dirhams, or 26 fils per share, from 14.2 million dirhams, or 16 fils per share.

As of May 14, US$1 was equivalent to 3.67 United Arab Emirates dirhams.