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Al Eid Food Q2 profit falls YOY

Al Eid Food Co. KSCP said its second-quarter normalized net income came to 194,260 dinars, a decrease of 7.6% from 210,140 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 dropped to 5.6% from 6.3% in the year-earlier period.

Total revenue grew year over year to 3.5 million dinars from 3.3 million dinars, and total operating expenses rose year over year to 3.1 million dinars from 2.9 million dinars.

Reported net income declined 7.6% year over year to 307,530 dinars, or 0 fils per share, from 332,690 dinars, or 0 fils per share.

As of July 26, US$1 was equivalent to 30 Kuwaiti fils.