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El Wadi Co. Q3 profit climbs 27.6% YOY

El Wadi Co. for Touristic Investment SAE said its normalized net income for the third quarter was 5 Egyptian piastres per share, an increase of 25.8% from 4 piastres per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.0 million pounds, an increase of 27.6% from 804,860 pounds in the year-earlier period.

The normalized profit margin rose to 27.4% from 16.2% in the year-earlier period.

Total revenue decreased 24.7% on an annual basis to 3.8 million pounds from 5.0 million pounds, and total operating expenses climbed 22.9% on an annual basis to 3.4 million pounds from 2.8 million pounds.

Reported net income grew 27.6% from the prior-year period to 1.6 million pounds, or 8 piastres per share, from 1.3 million pounds, or 6 piastres per share.

As of Nov. 16, US$1 was equivalent to 15.83 Egyptian pounds.