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Dubai Refreshment Q4 profit climbs YOY

Dubai Refreshment (P.J.S.C.) said its normalized net income for the fourth quarter amounted to 24 United Arab Emirates fils per share, a gain from 23 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 21.5 million dirhams, a gain from 21.1 million dirhams in the year-earlier period.

The normalized profit margin rose to 9.4% from 8.8% in the year-earlier period.

Total revenue decreased on an annual basis to 229.3 million dirhams from 240.7 million dirhams, and total operating expenses fell 6.1% on an annual basis to 195.1 million dirhams from 207.7 million dirhams.

Reported net income totaled 30.1 million dirhams, or 33 fils per share, compared to 30.2 million dirhams, or 34 fils per share, in the prior-year period.

For the year, the company's normalized net income totaled 1.03 dirhams per share, an increase of 6.4% from 97 fils per share in the prior year.

Normalized net income was 93.0 million dirhams, an increase of 6.4% from 87.4 million dirhams in the prior year.

Full-year total revenue declined year over year to 974.0 million dirhams from 985.1 million dirhams, and total operating expenses decreased year over year to 833.8 million dirhams from 854.3 million dirhams.

The company said reported net income increased 5.6% on an annual basis to 144.5 million dirhams, or 1.61 dirhams per share, in the full year, from 136.8 million dirhams, or 1.52 dirhams per share.

As of Feb. 29, US$1 was equivalent to 3.67 United Arab Emirates dirhams.