United Foods Co. (PSC) said its normalized net income for the fourth quarter came to 11 United Arab Emirates fils per share, an increase of 25.4% from 9 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 3.5 million dirhams, an increase of 25.4% from 2.8 million dirhams in the year-earlier period.
The normalized profit margin climbed to 3.8% from 2.8% in the year-earlier period.
Total revenue declined 7.4% year over year to 92.0 million dirhams from 99.4 million dirhams, and total operating expenses declined 8.5% year over year to 87.2 million dirhams from 95.4 million dirhams.
Reported net income grew 21.1% year over year to 3.7 million dirhams, or 12 fils per share, from 3.1 million dirhams, or 10 fils per share.
For the year, the company's normalized net income totaled 57 fils per share, an increase of 72.2% from 33 fils per share in the prior year.
Normalized net income was 17.4 million dirhams, an increase of 72.2% from 10.1 million dirhams in the prior year.
Full-year total revenue fell from the prior-year period to 400.3 million dirhams from 419.5 million dirhams, and total operating expenses declined 7.6% year over year to 373.4 million dirhams from 404.3 million dirhams.
The company said reported net income rose 75.5% on an annual basis to 26.0 million dirhams, or 86 fils per share, in the full year, from 14.8 million dirhams, or 49 fils per share.
As of Feb. 9, US$1 was equivalent to 3.67 United Arab Emirates dirhams.