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UMIC Q2 profit climbs 27.1% YOY

Universal Modern Industries for Edible Oil Co. (P.S.C) said its second-quarter normalized net income amounted to 8 Jordanian fils per share, a gain of 27.1% from 6 fils per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 465,280 dinars, an increase of 27.1% from 366,170 dinars in the prior-year period.

The normalized profit margin climbed to 9.7% from 7.7% in the year-earlier period.

Total revenue came to 4.8 million dinars, compared with 4.8 million dinars in the prior-year period, and total operating expenses decreased on an annual basis to 4.1 million dinars from 4.2 million dinars.

Reported net income grew 26.5% on an annual basis to 639,440 dinars, or 11 fils per share, from 505,450 dinars, or 8 fils per share.

As of July 15, US$1 was equivalent to 71 Jordanian fils.