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National Co. Q2 profit falls YOY

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National Co. Q2 profit falls YOY

National Co. for Maize Products said its second-quarter normalized net income was 52 Egyptian piastres per share, a decrease of 49.2% from 1.03 pounds per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 17.4 million pounds, a decline of 41.7% from 29.8 million pounds in the year-earlier period.

The normalized profit margin declined to 7.8% from 11.4% in the year-earlier period.

Total revenue decreased 14.6% year over year to 223.1 million pounds from 261.4 million pounds, and total operating expenses decreased 9.6% from the prior-year period to 190.6 million pounds from 210.9 million pounds.

Reported net income rose 57.4% on an annual basis to 18.3 million pounds, or 55 piastres per share, from 11.6 million pounds, or 40 piastres per share.

As of Aug. 14, US$1 was equivalent to 7.83 Egyptian pounds.