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Foodco Holding Q1 profit climbs 59.9% YOY

Foodco Holding PJSC said its first-quarter normalized net income was 24 United Arab Emirates fils per share, a gain of 61.2% from 15 fils per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 23.9 million dirhams, a gain of 59.9% from 14.9 million dirhams in the prior-year period.

The normalized profit margin increased to 40.8% from 25.1% in the year-earlier period.

Total revenue increased 40.5% on an annual basis to 83.5 million dirhams from 59.5 million dirhams, and total operating expenses increased 23.8% on an annual basis to 43.0 million dirhams from 34.7 million dirhams.

Reported net income rose 22.1% year over year to 32.3 million dirhams, or 32 fils per share, from 26.5 million dirhams, or 26 fils per share.

As of May 14, US$1 was equivalent to 3.67 United Arab Emirates dirhams.