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Arab International Food Q2 profit falls YOY

Arab International Food Factories & Investment Co. said its normalized net income for the second quarter was 13 Jordanian fils per share, a decrease from 13 fils per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.3 million dinars, a decrease from 1.3 million dinars in the year-earlier period.

The normalized profit margin dropped to 61.6% from 61.7% in the year-earlier period.

Total revenue declined on an annual basis to 2.1 million dinars from 2.2 million dinars, and total operating expenses rose 11.8% year over year to 31,760 dinars from 28,400 dinars.

Reported net income fell year over year to 2.1 million dinars, or 20 fils per share, from 2.1 million dinars, or 20 fils per share.

As of July 27, US$1 was equivalent to 71 Jordanian fils.