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Sharkia National Q2 profit climbs 66.3% YOY

Sharkia National Co. for Food Security said its second-quarter normalized net income amounted to 8 Egyptian piastres per share, a gain of 34.4% from 6 piastres per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.3 million pounds, an increase of 66.3% from 777,730 pounds in the prior-year period.

The normalized profit margin rose to 8.7% from 7.1% in the year-earlier period.

Total revenue climbed 6.5% year over year to 11.7 million pounds from 10.9 million pounds, and total operating expenses decreased 12.8% year over year to 10.1 million pounds from 11.6 million pounds.

Reported net income rose 71.2% on an annual basis to 2.0 million pounds, or 12 piastres per share, from 1.2 million pounds, or 9 piastres per share.

As of Aug. 11, US$1 was equivalent to 7.83 Egyptian pounds.