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Dhofar Beverage & Food Stuff swings to profit in Q4

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According to Market Intelligence, December 2022

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Dhofar Beverage & Food Stuff swings to profit in Q4

Dhofar Beverage & Food Stuff Co. SAOG said its normalized net income for the fourth quarter amounted to 23,290 Oman rials, compared with a loss of 44,700 rials in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 1.8% from negative 3.5% in the year-earlier period.

Total revenue rose on an annual basis to 1.3 million rials from 1.3 million rials, and total operating expenses totaled 1.3 million rials, compared with 1.3 million rials in the prior-year period.

Reported net income totaled 57,220 rials, or 3 baiza per share, compared to a loss of 87,450 rials, or a loss of 4 baiza per share, in the prior-year period.

For the year, the company's normalized net income totaled 238,930 rials, an increase of 58.0% from 151,220 rials in the prior year.

Full-year total revenue increased 8.6% on an annual basis to 5.6 million rials from 5.2 million rials, and total operating expenses increased 6.3% on an annual basis to 5.3 million rials from 4.9 million rials.

The company said reported net income rose 53.4% on an annual basis to 313,220 rials, or 16 baiza per share, in the full year, from 204,130 rials, or 10 baiza per share.

As of Feb. 22, US$1 was equivalent to 385 Oman baiza.