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National Corp. for Tourism & Hotels Q1 profit climbs 20.9% YOY

National Corp. for Tourism and Hotels said its first-quarter normalized net income was 4 United Arab Emirates fils per share, a gain of 20.9% from 3 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 27.3 million dirhams, an increase of 20.9% from 22.6 million dirhams in the year-earlier period.

The normalized profit margin rose to 13.0% from 12.2% in the year-earlier period.

Total revenue grew 13.5% year over year to 209.9 million dirhams from 185.0 million dirhams, and total operating expenses increased 11.8% year over year to 172.9 million dirhams from 154.7 million dirhams.

Reported net income grew 9.1% from the prior-year period to 43.6 million dirhams, or 6 fils per share, from 40.0 million dirhams, or 6 fils per share.

As of May 11, US$1 was equivalent to 3.67 United Arab Emirates dirhams.