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Sheeni fiscal Q1 profit climbs 47.4% YOY

General Co. for Ceramic & Porcelain Products said its normalized net income for the fiscal first quarter ended Sept. 30 came to 9 Egyptian piastres per share, an increase of 47.4% from 6 piastres per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.5 million pounds, a gain of 47.4% from 3.1 million pounds in the prior-year period.

The normalized profit margin climbed to 8.2% from 8.2% in the year-earlier period.

Total revenue increased 47.2% on an annual basis to 55.5 million pounds from 37.7 million pounds, and total operating expenses increased 46.8% year over year to 48.8 million pounds from 33.2 million pounds.

Reported net income grew 54.1% from the prior-year period to 5.3 million pounds, or 11 piastres per share, from 3.5 million pounds, or 7 piastres per share.

As of Nov. 12, US$1 was equivalent to 7.83 Egyptian pounds.