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BMMI Q4 profit climbs 5.8% YOY

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BMMI Q4 profit climbs 5.8% YOY

BMMI B.S.C. said its fourth-quarter normalized net income amounted to 12 Bahraini fils per share, a decline from 12.5 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 1.8 million dinars, an increase of 5.8% from 1.7 million dinars in the prior-year period.

The normalized profit margin increased to 7.9% from 6.2% in the year-earlier period.

Total revenue declined 17.2% year over year to 22.9 million dinars from 27.7 million dinars, and total operating expenses fell 21.8% on an annual basis to 19.7 million dinars from 25.1 million dinars.

Reported net income came to 2.6 million dinars, or 17 fils per share, compared to 2.6 million dinars, or 19 fils per share, in the year-earlier period.

For the year, the company's normalized net income totaled 48.1 fils per share, compared with 48.4 fils per share in the prior year.

Normalized net income was 6.7 million dinars, compared with 6.7 million dinars in the prior year.

Full-year total revenue fell 16.1% from the prior-year period to 89.0 million dinars from 106.1 million dinars, and total operating expenses decreased 18.7% year over year to 78.7 million dinars from 96.8 million dinars.

The company said reported net income fell 10.4% year over year to 10.1 million dinars, or 73 fils per share, in the full year, from 11.3 million dinars, or 82 fils per share.

As of Feb. 16, US$1 was equivalent to 380 Bahraini fils.