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Palms Agro Production Q1 profit climbs 42.0% YOY

Palms Agro Production Co. KSCP said its first-quarter normalized net income came to 99,770 dinars, a rise of 42.0% from 70,250 dinars in the prior-year period.

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

The normalized profit margin rose to 5.2% from 2.7% in the year-earlier period.

Total revenue declined 26.5% on an annual basis to 1.9 million dinars from 2.6 million dinars, and total operating expenses declined 29.0% on an annual basis to 1.8 million dinars from 2.5 million dinars.

Reported net income increased 29.1% on an annual basis to 143,850 dinars, or 0 fils per share, from 111,420 dinars, or 0 fils per share.

As of May 23, US$1 was equivalent to 30 Kuwaiti fils.