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Emirates Driving Q4 profit climbs 23.4% YOY

Emirates Driving Co. PJSC said its fourth-quarter normalized net income came to 16 United Arab Emirates fils per share, an increase of 23.4% from 13 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 13.9 million dirhams, a gain of 23.4% from 11.3 million dirhams in the year-earlier period.

The normalized profit margin climbed to 22.8% from 18.5% in the year-earlier period.

Total revenue totaled 61.1 million dirhams, compared with 61.0 million dirhams in the year-earlier period, and total operating expenses rose on an annual basis to 38.6 million dirhams from 37.7 million dirhams.

Reported net income grew 19.5% on an annual basis to 22.2 million dirhams, or 25 fils per share, from 18.6 million dirhams, or 21 fils per share.

For the year, the company's normalized net income totaled 67 fils per share, a gain of 44.2% from 46 fils per share in the prior year.

Normalized net income was 59.8 million dirhams, a gain of 44.2% from 41.5 million dirhams in the prior year.

Full-year total revenue increased 17.4% year over year to 241.0 million dirhams from 205.2 million dirhams, and total operating expenses increased 5.3% year over year to 144.1 million dirhams from 136.9 million dirhams.

The company said reported net income rose 42.4% year over year to 97.6 million dirhams, or 1.09 dirhams per share, in the full year, from 68.5 million dirhams, or 76 fils per share.

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