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Ras Al Khaimah swings to profit in Q4

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Ras Al Khaimah swings to profit in Q4

Ras Al Khaimah Poultry & Feeding Co. PSC said its fourth-quarter normalized net income amounted to 12 United Arab Emirates fils per share, compared with a loss of 2 fils per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 10.8 million dirhams, compared with a loss of 1.7 million dirhams in the year-earlier period.

The normalized profit margin climbed to 67.8% from negative 12.7% in the year-earlier period.

Total revenue increased 16.7% year over year to 15.9 million dirhams from 13.6 million dirhams, and total operating expenses climbed 12.5% from the prior-year period to 18.8 million dirhams from 16.7 million dirhams.

Reported net income came to 10.1 million dirhams, or 12 fils per share, compared to a loss of 2.7 million dirhams, or a loss of 3 fils per share, in the prior-year period.

For the year, the company's normalized net income totaled 21 fils per share, a gain of 39.7% from 15 fils per share in the prior year.

Normalized net income was 18.4 million dirhams, a rise of 39.7% from 13.2 million dirhams in the prior year.

Full-year total revenue grew 24.8% on an annual basis to 64.8 million dirhams from 51.9 million dirhams, and total operating expenses rose 11.8% on an annual basis to 64.6 million dirhams from 57.7 million dirhams.

The company said reported net income rose 5.3% year over year to 22.4 million dirhams, or 26 fils per share, in the full year, from 21.3 million dirhams, or 25 fils per share.

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