Topline in line with our estimate
The company has posted a revenue of AED 13,132.3mn for the quarter, which aligns with our estimate of AED 12,925mn. However, on a YoY basis, revenue declined by 3.5%, which could be attributed to the significant exchange rate volatility in the global market. The company managed to deliver a growth of 4.7% in revenue on a constant currency basis for the full year.
Net profit increased by 24%, beats our estimate
The company for the quarter has recorded a rise in its net profit of 7.0% on a QoQ and a 24% rise over the quarter last year basis to AED 2,658mn, beating our estimate of AED 2,316mn on the back of an increase in operating profit by 0.9% on a YoY basis as a result of operational efficiency. For the full year, it reported an increase of 7.4% in consolidated profit to AED 10,007mn on the back of strong operational performance.
Target price under review
In view of the company delivering a top line for the quarter and a full year in line with our estimate (on a QoQ basis) and when compared with the previous year, its better-than-expected performance at an operating profit and net profit levels, does warrant a revision in target price. We will come out with a revised target price under-investment note post-release of the audited report