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UMIC Q1 profit climbs 52.7% YOY

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UMIC Q1 profit climbs 52.7% YOY

Universal Modern Industries for Edible Oil Co. (P.S.C) said its normalized net income for the first quarter came to 5 Jordanian fils per share, a gain of 52.7% from 3 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 311,640 dinars, a gain of 52.7% from 204,070 dinars in the year-earlier period.

The normalized profit margin increased to 8.1% from 4.3% in the year-earlier period.

Total revenue decreased 20.4% on an annual basis to 3.8 million dinars from 4.8 million dinars, and total operating expenses fell 25.6% on an annual basis to 3.3 million dinars from 4.5 million dinars.

Reported net income increased 54.2% year over year to 425,270 dinars, or 7 fils per share, from 275,720 dinars, or 5 fils per share.

As of April 26, US$1 was equivalent to 71 Jordanian fils.