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United Foods Q2 profit climbs 90.5% YOY

United Foods Co. (PSC) said its second-quarter normalized net income was 23 United Arab Emirates fils per share, an increase of 86.4% from 13 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 7.1 million dirhams, a gain of 90.5% from 3.7 million dirhams in the prior-year period.

The normalized profit margin increased to 5.9% from 3.2% in the year-earlier period.

Total revenue rose year over year to 121.1 million dirhams from 118.1 million dirhams, and total operating expenses fell on an annual basis to 109.6 million dirhams from 112.2 million dirhams.

Reported net income increased 90.5% on an annual basis to 11.4 million dirhams, or 37 fils per share, from 6.0 million dirhams, or 20 fils per share.

As of Aug. 6, US$1 was equivalent to 3.67 United Arab Emirates dirhams.