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UMIC Q2 profit climbs 51.3% YOY

Universal Modern Industries for Edible Oil Co. (P.S.C) said its second-quarter normalized net income came to 6 Jordanian fils per share, an increase of 51.3% from 4 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 366,170 dinars, a gain of 51.3% from 241,980 dinars in the prior-year period.

The normalized profit margin increased to 7.7% from 5.7% in the year-earlier period.

Total revenue grew 11.7% on an annual basis to 4.8 million dinars from 4.3 million dinars, and total operating expenses rose 7.6% on an annual basis to 4.2 million dinars from 3.9 million dinars.

Reported net income rose 53.3% from the prior-year period to 505,450 dinars, or 8 fils per share, from 329,740 dinars, or 5 fils per share.

As of July 23, US$1 was equivalent to 71 Jordanian fils.