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Emirates Driving Q1 profit climbs 48.1% YOY

Emirates Driving Co. PJSC said its normalized net income for the first quarter amounted to 23 United Arab Emirates fils per share, an increase of 48.1% from 16 fils per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 20.7 million dirhams, a gain of 48.1% from 14.0 million dirhams in the year-earlier period.

The normalized profit margin rose to 31.0% from 24.1% in the year-earlier period.

Total revenue increased 15.2% year over year to 66.8 million dirhams from 58.0 million dirhams, and total operating expenses increased year over year to 35.6 million dirhams from 34.5 million dirhams.

Reported net income increased 47.0% from the prior-year period to 33.9 million dirhams, or 38 fils per share, from 23.0 million dirhams, or 26 fils per share.

As of May 13, US$1 was equivalent to 3.67 United Arab Emirates dirhams.