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Al Eid Food Q1 profit climbs 13.5% YOY

Al Eid Food Co. KSCP said its first-quarter normalized net income amounted to 207,230 dinars, a gain of 13.5% from 182,620 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 5.8% from 5.5% in the year-earlier period.

Total revenue rose 9.0% year over year to 3.6 million dinars from 3.3 million dinars, and total operating expenses increased 8.7% year over year to 3.1 million dinars from 2.9 million dinars.

Reported net income increased 13.5% year over year to 328,080 dinars, or 0 fils per share, from 289,110 dinars, or 0 fils per share.

As of May 17, US$1 was equivalent to 30 Kuwaiti fils.