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Edita Food Industries Q4 profit climbs 31.1% YOY

Edita Food Industries Co. (S.A.E) said its normalized net income for the fourth quarter was 15 Egyptian piastres per share, a gain of 33.7% from 11 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 105.9 million pounds, an increase of 31.1% from 80.8 million pounds in the prior-year period.

The normalized profit margin increased to 16.4% from 14.2% in the year-earlier period.

Total revenue grew 13.7% on an annual basis to 646.2 million pounds from 568.3 million pounds, and total operating expenses climbed 8.6% on an annual basis to 480.6 million pounds from 442.4 million pounds.

Reported net income rose 32.0% from the prior-year period to 135.7 million pounds, or 19 piastres per share, from 102.8 million pounds, or 14 piastres per share.

For the year, the company's normalized net income totaled 37 piastres per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 45 piastres.

EPS rose 9.4% from 34 piastres in the prior year.

Normalized net income was 266.2 million pounds, a gain of 8.9% from 244.5 million pounds in the prior year.

Full-year total revenue increased 16.0% on an annual basis to 2.23 billion pounds from 1.92 billion pounds, and total operating expenses grew 16.9% on an annual basis to 1.79 billion pounds from 1.53 billion pounds.

The company said reported net income increased 29.8% on an annual basis to 345.4 million pounds, or 48 piastres per share, in the full year, from 266.1 million pounds, or 37 piastres per share.

As of March 3, US$1 was equivalent to 7.83 Egyptian pounds.