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Al Eid Food Q3 profit climbs YOY

Al Eid Food Co. KSCP said its normalized net income for the third quarter amounted to 192,460 dinars, a gain from 186,650 dinars in the year-earlier period.

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

The normalized profit margin declined to 5.2% from 5.3% in the year-earlier period.

Total revenue increased 6.2% on an annual basis to 3.7 million dinars from 3.5 million dinars, and total operating expenses increased 6.3% from the prior-year period to 3.3 million dinars from 3.1 million dinars.

Reported net income increased from the prior-year period to 304,640 dinars, or 0 fils per share, from 295,500 dinars, or 0 fils per share.

As of Oct. 28, US$1 was equivalent to 30 Kuwaiti fils.