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Dhofar Fisheries & Food Industries Q4 loss widens YOY

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According to Market Intelligence, December 2022

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Dhofar Fisheries & Food Industries Q4 loss widens YOY

Dhofar Fisheries & Food Industries Co. SAOG said its fourth-quarter normalized net income came to a loss of 62 Oman baiza per share, compared with a loss of 24 baiza per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 158,310 rials, compared with a loss of 61,800 rials in the prior-year period.

The normalized profit margin declined to negative 25.3% from negative 5.5% in the year-earlier period.

Total revenue decreased 44.1% year over year to 626,670 rials from 1.1 million rials, and total operating expenses fell 30.7% year over year to 810,100 rials from 1.2 million rials.

Reported net income totaled a loss of 253,300 rials, or a loss of 100 baiza per share, compared to a loss of 99,280 rials, or a loss of 39 baiza per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 196 baiza per share, compared with a loss of 177 baiza per share in the prior year.

Normalized net income was a loss of 498,310 rials, compared with a loss of 450,550 rials in the prior year.

Full-year total revenue rose on an annual basis to 4.1 million rials from 4.0 million rials, and total operating expenses fell on an annual basis to 4.6 million rials from 4.7 million rials.

The company said reported net income totaled a loss of 797,300 rials, or a loss of 314 baiza per share, in the full year, compared with a loss of 721,280 rials, or a loss of 284 baiza per share, the prior year.

As of Feb. 17, US$1 was equivalent to 385 Oman baiza.