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Emirates Refreshments Q4 profit climbs YOY

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Emirates Refreshments Q4 profit climbs YOY

Emirates Refreshments (P.S.C.) said its normalized net income for the fourth quarter was 904,530 dirhams, a gain from 143,910 dirhams in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 5.0% from 0.8% in the year-earlier period.

Total revenue climbed on an annual basis to 18.3 million dirhams from 17.5 million dirhams, and total operating expenses declined year over year to 16.9 million dirhams from 17.4 million dirhams.

Reported net income grew on an annual basis to 1.4 million dirhams, or 5 fils per share, from 245,600 dirhams, or 1 fils per share.

For the year, the company's normalized net income totaled 10 fils per share, an increase from 2 fils per share in the prior year.

Normalized net income was 3.0 million dirhams, a rise from 616,560 dirhams in the prior year.

Full-year total revenue declined on an annual basis to 71.9 million dirhams from 73.2 million dirhams, and total operating expenses decreased 7.0% on an annual basis to 67.4 million dirhams from 72.5 million dirhams.

The company said reported net income grew on an annual basis to 4.2 million dirhams, or 14 fils per share, in the full year, from 1.0 million dirhams, or 3 fils per share.

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