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A'Saffa Foods Q4 profit falls YOY

A'Saffa Foods SAOG said its normalized net income for the fourth quarter amounted to 776,790 rials, a decrease of 34.3% from 1.2 million 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 declined to 10.5% from 17.2% in the year-earlier period.

Total revenue rose 12.1% on an annual basis to 7.7 million rials from 6.9 million rials, and total operating expenses rose 27.0% year over year to 6.3 million rials from 4.9 million rials.

Reported net income rose 7.1% on an annual basis to 1.2 million rials, or 1 baiza per share, from 1.1 million rials, or 1 baiza per share.

For the year, the company's normalized net income totaled 3 baiza per share, a decline of 14.0% from 4 baiza per share in the prior year.

Normalized net income was 4.2 million rials, a decline of 13.3% from 4.8 million rials in the prior year.

Full-year total revenue rose 5.7% from the prior-year period to 32.0 million rials from 30.2 million rials, and total operating expenses increased 12.1% on an annual basis to 24.9 million rials from 22.2 million rials.

The company said reported net income declined 7.2% on an annual basis to 6.0 million rials, or 5 baiza per share, in the full year, from 6.4 million rials, or 5 baiza per share.

As of Feb. 26, US$1 was equivalent to 39 Oman baiza.