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Middle & West Delta Flour Mills fiscal Q4 profit climbs 85.8% YOY

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Middle & West Delta Flour Mills fiscal Q4 profit climbs 85.8% YOY

Middle & West Delta Flour Mills Co. said its normalized net income for the fiscal fourth quarter ended June 30 was 6.22 Egyptian pounds per share, a gain of 85.8% from 3.35 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 46.7 million pounds, an increase of 85.8% from 25.1 million pounds in the year-earlier period.

The normalized profit margin rose to 6.1% from 2.8% in the year-earlier period.

Total revenue climbed 9.8% year over year to 990.1 million pounds from 901.3 million pounds, and total operating expenses grew 7.4% on an annual basis to 946.7 million pounds from 881.1 million pounds.

Reported net income rose 73.3% on an annual basis to 54.5 million pounds, or 7.26 pounds per share, from 31.4 million pounds, or 4.19 pounds per share.

For the year, the company's normalized net income totaled 14.14 pounds per share, an increase of 43.7% from 9.84 pounds per share in the prior year.

Normalized net income was 106.0 million pounds, a rise of 43.7% from 73.8 million pounds in the prior year.

Full-year total revenue declined year over year to 3.70 billion pounds from 3.77 billion pounds, and total operating expenses declined on an annual basis to 3.54 billion pounds from 3.65 billion pounds.

The company said reported net income increased 48.8% year over year to 121.6 million pounds, or 16.21 pounds per share, in the full year, from 81.7 million pounds, or 10.89 pounds per share.

As of Sept. 14, US$1 was equivalent to 8.88 Egyptian pounds.