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Oman Refreshment Q4 profit climbs 7.1% YOY

Oman Refreshment Co. SAOG said its fourth-quarter normalized net income was 3 Oman baiza per share, an increase of 7.1% from 3 baiza per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.7 million rials, an increase of 7.1% from 1.6 million rials in the prior-year period.

The normalized profit margin increased to 9.0% from 8.9% in the year-earlier period.

Total revenue rose 6.2% year over year to 18.8 million rials from 17.7 million rials, and total operating expenses climbed 5.6% from the prior-year period to 16.1 million rials from 15.2 million rials.

Reported net income rose 6.1% on an annual basis to 2.5 million rials, or 5 baiza per share, from 2.4 million rials, or 5 baiza per share.

For the year, the company's normalized net income totaled 14 baiza per share, a decline from 14 baiza per share in the prior year.

Normalized net income was 6.8 million rials, a fall from 7.1 million rials in the prior year.

Full-year total revenue grew 5.8% from the prior-year period to 77.1 million rials from 72.9 million rials, and total operating expenses increased 7.5% on an annual basis to 66.5 million rials from 61.9 million rials.

The company said reported net income decreased on an annual basis to 9.6 million rials, or 19 baiza per share, in the full year, from 10.1 million rials, or 20 baiza per share.

As of Feb. 9, US$1 was equivalent to 39 Oman baiza.