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Sharkia National Q1 profit falls YOY

Sharkia National Co. for Food Security said its normalized net income for the first quarter came to 2 Egyptian piastres per share, a decline of 7.2% from 2 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 268,060 pounds, a decrease of 7.2% from 288,720 pounds in the prior-year period.

The normalized profit margin declined to 1.7% from 5.0% in the year-earlier period.

Total revenue climbed 62.8% on an annual basis to 9.4 million pounds from 5.8 million pounds, and total operating expenses rose 51.3% year over year to 9.3 million pounds from 6.2 million pounds.

Reported net income declined 43.8% year over year to 146,230 pounds, or 1 piastres per share, from 260,050 pounds, or 2 piastres per share.

As of May 30, US$1 was equivalent to 8.88 Egyptian pounds.