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Jordan Vegetable Oil Industries Q4 profit climbs YOY

Jordan Vegetable Oil Industries Co. Ltd. said its fourth-quarter normalized net income was 32,820 dinars, an increase from 11,230 dinars in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 2.9% from 0.9% in the year-earlier period.

Total revenue fell 10.6% on an annual basis to 1.1 million dinars from 1.3 million dinars, and total operating expenses decreased 12.6% on an annual basis to 1.1 million dinars from 1.3 million dinars.

Reported net income totaled a loss of 183,080 dinars, or a loss of 4 fils per share, compared to a loss of 28,470 dinars, or a loss of 1 fils per share, in the prior-year period.

For the year, the company's normalized net income totaled 11 fils per share, a gain of 20.2% from 9 fils per share in the prior year.

Normalized net income was 449,240 dinars, a gain of 20.2% from 373,610 dinars in the prior year.

Full-year total revenue decreased 8.5% year over year to 5.1 million dinars from 5.6 million dinars, and total operating expenses decreased 11.2% on an annual basis to 4.4 million dinars from 4.9 million dinars.

The company said reported net income declined 23.3% on an annual basis to 363,330 dinars, or 9 fils per share, in the full year, from 473,700 dinars, or 12 fils per share.

As of March 29, US$1 was equivalent to 71 Jordanian fils.