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Emirates Driving Q2 profit climbs 6.5% YOY

Emirates Driving Co. PJSC said its normalized net income for the second quarter came to 20 United Arab Emirates fils per share, an increase of 6.5% from 19 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 18.0 million dirhams, a gain of 6.5% from 16.9 million dirhams in the prior-year period.

The normalized profit margin climbed to 27.9% from 27.1% in the year-earlier period.

Total revenue rose on an annual basis to 64.4 million dirhams from 62.3 million dirhams, and total operating expenses totaled 36.4 million dirhams, compared with 36.2 million dirhams in the prior-year period.

Reported net income increased 6.2% on an annual basis to 29.4 million dirhams, or 33 fils per share, from 27.6 million dirhams, or 31 fils per share.

As of Aug. 12, US$1 was equivalent to 3.67 United Arab Emirates dirhams.