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Mezzan Holding Q2 profit climbs 25.3% YOY

Mezzan Holding Co. KSCP said its second-quarter normalized net income was 2.8 million dinars, a gain of 25.3% from 2.2 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 rose to 5.5% from 5.0% in the year-earlier period.

Total revenue climbed 15.1% on an annual basis to 51.6 million dinars from 44.8 million dinars, and total operating expenses climbed 15.6% on an annual basis to 46.4 million dinars from 40.2 million dinars.

Reported net income grew 82.4% on an annual basis to 7.0 million dinars, or 2 fils per share, from 3.9 million dinars, or 1 fils per share.

As of Aug. 11, US$1 was equivalent to 30 Kuwaiti fils.