Foodco Holding PJSC said its first-quarter normalized net income amounted to 22 United Arab Emirates fils per share, an increase of 9.6% from 20 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 22.2 million dirhams, a gain of 9.0% from 20.4 million dirhams in the year-earlier period.

The normalized profit margin dropped to 39.7% from 40.8% in the year-earlier period.

Total revenue increased 73.4% year over year to 86.7 million dirhams from 50.0 million dirhams, and total operating expenses rose 14.7% from the prior-year period to 49.3 million dirhams from 43.0 million dirhams.

Reported net income rose 5.4% year over year to 34.1 million dirhams, or 34 fils per share, from 32.3 million dirhams, or 32 fils per share.

As of May 13, US$1 was equivalent to 3.67 United Arab Emirates dirhams.