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Sharkia National Q4 loss narrows YOY

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Sharkia National Q4 loss narrows YOY

Sharkia National Co. for Food Security said its fourth-quarter normalized net income came to a loss of 1 Egyptian piastres per share, compared with a loss of 5 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 a loss of 197,120 pounds, compared with a loss of 770,200 pounds in the prior-year period.

The normalized profit margin increased to negative 1.2% from negative 12.4% in the year-earlier period.

Total revenue increased 43.1% on an annual basis to 8.9 million pounds from 6.2 million pounds, and total operating expenses grew 45.5% year over year to 9.5 million pounds from 6.5 million pounds.

Reported net income totaled a loss of 10.7 million pounds, or a loss of 65 piastres per share, compared to income of 207,890 pounds, or 1 piastres per share, in the year-earlier period.

For the year, the company's normalized net income totaled 10 piastres per share, a gain of 32.9% from 7 piastres per share in the prior year.

Normalized net income was 1.6 million pounds, a rise of 32.8% from 1.2 million pounds in the prior year.

Full-year total revenue rose year over year to 37.1 million pounds from 35.8 million pounds, and total operating expenses came to 36.2 million pounds, compared with 36.0 million pounds in the prior-year period.

The company said reported net income came to a loss of 8.5 million pounds, or a loss of 52 piastres per share, in the full year, compared with income of 2.2 million pounds, or 14 piastres per share, the prior year.

As of March 7, US$1 was equivalent to 7.83 Egyptian pounds.