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Humansoft Holding Q3 profit climbs 56.6% YOY

Humansoft Holding Co. KSCP said its third-quarter normalized net income came to 3 Kuwaiti fils per share, an increase of 56.8% from 2 fils per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.2 million dinars, a gain of 56.6% from 2.0 million dinars in the prior-year period.

The normalized profit margin climbed to 27.3% from 19.8% in the year-earlier period.

Total revenue increased 13.5% on an annual basis to 11.6 million dinars from 10.2 million dinars, and total operating expenses decreased 8.2% from the prior-year period to 6.2 million dinars from 6.8 million dinars.

Reported net income rose 56.6% on an annual basis to 5.0 million dinars, or 4 fils per share, from 3.2 million dinars, or 3 fils per share.

As of Nov. 4, US$1 was equivalent to 30 Kuwaiti fils.