Widam Food Co. QSC said its fourth-quarter normalized net income amounted to 62 Qatari dirhams per share, an increase of 28.6% from 48 dirhams per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.1 million riyals, a gain of 28.6% from 8.6 million riyals in the year-earlier period.

The normalized profit margin increased to 13.3% from 8.5% in the year-earlier period.

Total revenue declined 17.7% on an annual basis to 83.6 million riyals from 101.6 million riyals, and total operating expenses declined 22.5% from the prior-year period to 148.1 million riyals from 191.0 million riyals.

Reported net income grew year over year to 17.7 million riyals, or 99 dirhams per share, from 8.8 million riyals, or 49 dirhams per share.

For the year, the company's normalized net income totaled 2.40 riyals per share, an increase of 7.4% from 2.24 riyals per share in the prior year.

Normalized net income was 43.2 million riyals, a rise of 7.4% from 40.2 million riyals in the prior year.

Full-year total revenue grew year over year to 426.5 million riyals from 409.5 million riyals, and total operating expenses increased on an annual basis to 730.9 million riyals from 712.9 million riyals.

The company said reported net income increased 26.2% on an annual basis to 69.1 million riyals, or 3.84 riyals per share, in the full year, from 54.8 million riyals, or 3.04 riyals per share.

As of Feb. 12, US$1 was equivalent to 3.64 Qatari riyals.