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Gulf Mushroom Products Q1 profit climbs 37.2% YOY

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Gulf Mushroom Products Q1 profit climbs 37.2% YOY

Gulf Mushroom Products Co. SAOG said its normalized net income for the first quarter came to 107,110 rials, a rise of 37.2% from 78,060 rials in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 6.4% from 5.1% in the year-earlier period.

Total revenue increased 8.6% on an annual basis to 1.7 million rials from 1.5 million rials, and total operating expenses increased 6.9% year over year to 1.5 million rials from 1.4 million rials.

Reported net income grew 49.5% on an annual basis to 151,710 rials, or 0 baiza per share, from 101,490 rials, or 0 baiza per share.

As of April 23, US$1 was equivalent to 39 Oman baiza.