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Al Dawliyah for Hotels & Malls Q4 profit climbs 59.8% YOY

Al Dawliyah for Hotels & Malls said its fourth-quarter normalized net income came to 618,540 dinars, a rise of 59.8% from 387,050 dinars 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 16.4% from 10.6% in the year-earlier period.

Total revenue rose on an annual basis to 3.8 million dinars from 3.6 million dinars, and total operating expenses declined 7.6% on an annual basis to 2.8 million dinars from 3.0 million dinars.

Reported net income grew 50.8% from the prior-year period to 816,070 dinars, or 2 fils per share, from 541,150 dinars, or 1 fils per share.

For the year, the company's normalized net income totaled 4 fils per share, a decline of 10.1% from 5 fils per share in the prior year.

Normalized net income was 1.8 million dinars, a decline of 10.1% from 2.0 million dinars in the prior year.

Full-year total revenue declined 7.5% on an annual basis to 15.1 million dinars from 16.3 million dinars, and total operating expenses fell 6.7% on an annual basis to 12.3 million dinars from 13.2 million dinars.

The company said reported net income declined 15.6% on an annual basis to 2.3 million dinars, or 5 fils per share, in the full year, from 2.7 million dinars, or 6 fils per share.

As of March 15, US$1 was equivalent to 71 Jordanian fils.