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Al Eid Food Q1 profit climbs YOY

Al Eid Food Co. KSCP said its first-quarter normalized net income amounted to 182,620 dinars, a rise from 175,980 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 5.5% from 5.6% in the year-earlier period.

Total revenue increased year over year to 3.3 million dinars from 3.1 million dinars, and total operating expenses grew from the prior-year period to 2.9 million dinars from 2.8 million dinars.

Reported net income increased year over year to 289,110 dinars, or 0 fils per share, from 278,590 dinars, or 0 fils per share.

As of May 21, US$1 was equivalent to 30 Kuwaiti fils.