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Ras Al Khaimah Q1 profit falls YOY

Ras Al Khaimah Poultry & Feeding Co. PSC said its normalized net income for the first quarter was 3 United Arab Emirates fils per share, a decrease of 66.8% from 10 fils per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.8 million dirhams, a decline of 66.8% from 8.5 million dirhams in the prior-year period.

The normalized profit margin fell to 17.2% from 67.7% in the year-earlier period.

Total revenue grew 30.8% year over year to 16.3 million dirhams from 12.5 million dirhams, and total operating expenses grew year over year to 14.6 million dirhams from 14.3 million dirhams.

Reported net income decreased 67.1% on an annual basis to 4.5 million dirhams, or 5 fils per share, from 13.6 million dirhams, or 16 fils per share.

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