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Emirates Driving Q3 profit climbs 56.7% YOY

Emirates Driving Co. PJSC said its normalized net income for the third quarter was 17 United Arab Emirates fils per share, a gain of 57.5% from 11 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 15.1 million dirhams, an increase of 56.7% from 9.6 million dirhams in the year-earlier period.

The normalized profit margin climbed to 25.2% from 19.2% in the year-earlier period.

Total revenue increased 19.0% on an annual basis to 59.6 million dirhams from 50.1 million dirhams, and total operating expenses totaled 34.8 million dirhams, compared with 35.1 million dirhams in the year-earlier period.

Reported net income grew 54.8% from the prior-year period to 24.7 million dirhams, or 28 fils per share, from 16.0 million dirhams, or 18 fils per share.

As of Nov. 11, US$1 was equivalent to 3.67 United Arab Emirates dirhams.