Nascon Allied Industries PLC said its normalized net income for the fourth quarter amounted to 15 kobo per share, an increase of 25.8% from 12 kobo per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 396.6 million nairas, a gain of 25.5% from 316.1 million nairas in the year-earlier period.
The normalized profit margin dropped to 6.6% from 10.3% in the year-earlier period.
Total revenue grew 94.5% year over year to 5.99 billion nairas from 3.08 billion nairas, and total operating expenses climbed on an annual basis to 5.33 billion nairas from 2.54 billion nairas.
Reported net income grew 66.2% on an annual basis to 487.2 million nairas, or 18 kobo per share, from 293.2 million nairas, or 11 kobo per share.
For the year, the company's normalized net income totaled 70 kobo per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 91 kobo.
EPS rose 6.3% from 66 kobo in the prior year.
Normalized net income was 1.88 billion nairas, an increase of 6.2% from 1.77 billion nairas in the prior year.
Full-year total revenue grew 43.8% year over year to 16.18 billion nairas from 11.25 billion nairas, and total operating expenses rose 56.7% year over year to 13.24 billion nairas from 8.45 billion nairas.
The company said reported net income rose 12.8% year over year to 2.11 billion nairas, or 79 kobo per share, in the full year, from 1.87 billion nairas, or 70 kobo per share.
As of March 30, US$1 was equivalent to 199.20 nairas.