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Al Eid Food Q3 profit climbs 58.9% YOY

Al Eid Food Co. KSCP said its normalized net income for the third quarter came to 186,650 dinars, an increase of 58.9% from 117,500 dinars in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 5.3% from 3.9% in the year-earlier period.

Total revenue increased 15.8% on an annual basis to 3.5 million dinars from 3.0 million dinars, and total operating expenses increased 14.7% year over year to 3.1 million dinars from 2.7 million dinars.

Reported net income increased 58.9% from the prior-year period to 295,500 dinars, or 0 fils per share, from 185,990 dinars, or 0 fils per share.

As of Nov. 12, US$1 was equivalent to 30 Kuwaiti fils.