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Foodco Holding Q4 profit climbs 10.2% YOY

Foodco Holding PJSC said its fourth-quarter normalized net income came to 3 United Arab Emirates fils per share, a gain of 12.4% from 3 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 3.4 million dirhams, a gain of 10.2% from 3.1 million dirhams in the prior-year period.

The normalized profit margin climbed to 18.1% from 5.6% in the year-earlier period.

Total revenue increased 13.0% on an annual basis to 61.5 million dirhams from 54.4 million dirhams, and total operating expenses rose 20.2% year over year to 55.7 million dirhams from 46.3 million dirhams.

Reported net income totaled 25.0 million dirhams, or 26 fils per share, compared to a loss of 11.8 million dirhams, or a loss of 12 fils per share, in the prior-year period.

For the year, the company's normalized net income totaled 39 fils per share, a gain of 14.4% from 34 fils per share in the prior year.

Normalized net income was 38.5 million dirhams, a rise of 14.4% from 33.7 million dirhams in the prior year.

Full-year total revenue grew 29.8% from the prior-year period to 286.5 million dirhams from 220.7 million dirhams, and total operating expenses rose 36.3% on an annual basis to 216.6 million dirhams from 158.9 million dirhams.

The company said reported net income rose 30.1% on an annual basis to 55.3 million dirhams, or 55 fils per share, in the full year, from 42.5 million dirhams, or 43 fils per share.

As of March 10, US$1 was equivalent to 3.67 United Arab Emirates dirhams.