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Dhofar Poultry Q1 profit falls YOY

Dhofar Poultry Co. SAOG said its normalized net income for the first quarter was 45,550 Oman rials, a fall of 40.6% from 76,690 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 dropped to 1.8% from 3.4% in the year-earlier period.

Total revenue grew 14.3% on an annual basis to 2.6 million rials from 2.2 million rials, and total operating expenses climbed 18.1% on an annual basis to 2.5 million rials from 2.1 million rials.

Reported net income decreased 40.6% on an annual basis to 72,880 rials, or 2 baiza per share, from 122,700 rials, or 3 baiza per share.

As of April 28, US$1 was equivalent to 385 Oman baiza.