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Abu Dhabi National Hotels Q4 profit climbs YOY

Abu Dhabi National Hotels Co. PJSC said its fourth-quarter normalized net income amounted to 6 United Arab Emirates fils per share, a gain from 2 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 56.2 million dirhams, an increase from 21.1 million dirhams in the year-earlier period.

The normalized profit margin increased to 13.6% from 5.3% in the year-earlier period.

Total revenue rose year over year to 413.3 million dirhams from 397.5 million dirhams, and total operating expenses rose 8.0% year over year to 340.6 million dirhams from 315.3 million dirhams.

Reported net income rose year over year to 90.0 million dirhams, or 9 fils per share, from 35.5 million dirhams, or 4 fils per share.

For the year, the company's normalized net income totaled 15 fils per share, an increase from 6 fils per share in the prior year.

Normalized net income was 148.0 million dirhams, an increase from 62.6 million dirhams in the prior year.

Full-year total revenue grew year over year to 1.38 billion dirhams from 1.34 billion dirhams, and total operating expenses increased on an annual basis to 1.22 billion dirhams from 1.19 billion dirhams.

The company said reported net income increased 18.2% on an annual basis to 237.0 million dirhams, or 24 fils per share, in the full year, from 200.5 million dirhams, or 20 fils per share.

As of Feb. 18, US$1 was equivalent to 3.67 United Arab Emirates dirhams.