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Sharkia National Q1 profit falls YOY

Sharkia National Co. for Food Security said its first-quarter normalized net income amounted to 2 Egyptian piastres per share, a decline of 32.2% from 3 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 290,420 pounds, a decrease of 32.8% from 432,180 pounds in the prior-year period.

The normalized profit margin dropped to 5.0% from 5.1% in the year-earlier period.

Total revenue fell 32.5% year over year to 5.8 million pounds from 8.5 million pounds, and total operating expenses decreased 26.7% on an annual basis to 6.2 million pounds from 8.4 million pounds.

Reported net income fell 28.8% on an annual basis to 260,050 pounds, or 2 piastres per share, from 365,040 pounds, or 2 piastres per share.

As of May 29, US$1 was equivalent to 7.63 Egyptian pounds.