National Corp. for Tourism and Hotels said its fourth-quarter normalized net income came to 4 United Arab Emirates fils per share, an increase of 35.7% from 3 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 24.8 million dirhams, a gain of 35.7% from 18.3 million dirhams in the year-earlier period.
The normalized profit margin increased to 11.0% from 8.2% in the year-earlier period.
Total revenue increased on an annual basis to 225.3 million dirhams from 221.5 million dirhams, and total operating expenses grew 5.7% year over year to 186.8 million dirhams from 176.7 million dirhams.
Reported net income rose 26.5% on an annual basis to 63.6 million dirhams, or 9 fils per share, from 50.3 million dirhams, or 7 fils per share.
For the year, the company's normalized net income totaled 13 fils per share, a gain of 5.8% from 12 fils per share in the prior year.
Normalized net income was 88.5 million dirhams, a rise of 5.8% from 83.6 million dirhams in the prior year.
Full-year total revenue grew 8.6% year over year to 848.6 million dirhams from 781.3 million dirhams, and total operating expenses increased 8.5% year over year to 715.5 million dirhams from 659.2 million dirhams.
The company said reported net income increased on an annual basis to 165.5 million dirhams, or 24 fils per share, in the full year, from 158.7 million dirhams, or 23 fils per share.
As of March 3, US$1 was equivalent to 3.67 United Arab Emirates dirhams.