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Mezzan Holding Q1 profit climbs 67.2% YOY

Mezzan Holding Co. KSCP said its normalized net income for the first quarter amounted to 3.4 million dinars, a rise of 67.2% from 2.0 million 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 increased to 6.4% from 4.3% in the year-earlier period.

Total revenue climbed 10.6% year over year to 52.9 million dinars from 47.8 million dinars, and total operating expenses grew 10.4% year over year to 47.5 million dinars from 43.0 million dinars.

Reported net income grew 48.3% year over year to 5.5 million dinars, or 2 fils per share, from 3.7 million dinars, or 1 fils per share.

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