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Ras Al Khaimah Q2 profit falls YOY

Ras Al Khaimah Poultry & Feeding Co. PSC said its second-quarter normalized net income amounted to 5 United Arab Emirates fils per share, a decline of 24.5% from 7 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 4.6 million dirhams, a decline of 24.4% from 6.2 million dirhams in the prior-year period.

The normalized profit margin fell to 25.6% from 48.5% in the year-earlier period.

Total revenue climbed 43.5% year over year to 18.2 million dirhams from 12.7 million dirhams, and total operating expenses grew 22.5% on an annual basis to 16.6 million dirhams from 13.5 million dirhams.

Reported net income decreased 24.4% from the prior-year period to 7.5 million dirhams, or 9 fils per share, from 9.9 million dirhams, or 11 fils per share.

As of July 30, US$1 was equivalent to 3.67 United Arab Emirates dirhams.