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BMMI Q4 profit climbs YOY

BMMI B.S.C. said its fourth-quarter normalized net income came to 14 Bahraini fils per share, a gain of 13.3% from 12 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 1.9 million dinars, an increase from 1.8 million dinars in the year-earlier period.

The normalized profit margin climbed to 9.1% from 7.9% in the year-earlier period.

Total revenue increased 11.6% on an annual basis to 25.6 million dinars from 22.9 million dinars, and total operating expenses climbed 19.6% from the prior-year period to 23.5 million dinars from 19.6 million dinars.

Reported net income rose from the prior-year period to 2.6 million dinars, or 17 fils per share, from 2.6 million dinars, or 19 fils per share.

For the year, the company's normalized net income totaled 40 fils per share, a decrease of 16.3% from 48 fils per share in the prior year.

Normalized net income was 5.6 million dinars, a decline of 16.1% from 6.7 million dinars in the prior year.

Full-year total revenue grew 8.5% on an annual basis to 96.5 million dinars from 89.0 million dinars, and total operating expenses grew 14.9% year over year to 90.4 million dinars from 78.6 million dinars.

The company said reported net income fell 6.6% on an annual basis to 9.4 million dinars, or 68 fils per share, in the full year, from 10.1 million dinars, or 73 fils per share.

As of Feb. 14, US$1 was equivalent to 380 Bahraini fils.