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Egypt Free Shops fiscal Q1 profit climbs 28.6% YOY

Egypt Free Shops Co. said its normalized net income for the fiscal first quarter ended Sept. 30 came to 11 Egyptian piastres per share, a gain of 28.6% from 9 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 10.8 million pounds, a gain of 28.6% from 8.4 million pounds in the year-earlier period.

The normalized profit margin climbed to 12.2% from 10.3% in the year-earlier period.

Total revenue climbed 8.2% on an annual basis to 88.1 million pounds from 81.5 million pounds, and total operating expenses rose on an annual basis to 72.2 million pounds from 69.0 million pounds.

Reported net income rose 43.1% from the prior-year period to 14.2 million pounds, or 15 piastres per share, from 9.9 million pounds, or 11 piastres per share.

As of Nov. 12, US$1 was equivalent to 7.83 Egyptian pounds.