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Emirates Driving Q2 profit climbs 40.0% YOY


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According to Market Intelligence, February 2023


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Emirates Driving Q2 profit climbs 40.0% YOY

Emirates Driving Co. PJSC said its second-quarter normalized net income was 18 United Arab Emirates fils per share, an increase of 36.9% 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 16.9 million dirhams, an increase of 40.0% from 12.0 million dirhams in the year-earlier period.

The normalized profit margin increased to 27.1% from 24.1% in the year-earlier period.

Total revenue grew 25.0% on an annual basis to 62.3 million dirhams from 49.8 million dirhams, and total operating expenses climbed 10.5% from the prior-year period to 36.2 million dirhams from 32.7 million dirhams.

Reported net income grew 39.5% year over year to 27.6 million dirhams, or 30 fils per share, from 19.8 million dirhams, or 22 fils per share.

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