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Secure Electronic Technology Q2 profit climbs YOY

Secure Electronic Technology PLC said its normalized net income for the second quarter came to 8.7 million nairas, a gain from 4.3 million nairas 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 0.5% from 0.2% in the year-earlier period.

Total revenue totaled 1.83 billion nairas, compared with 1.83 billion nairas in the year-earlier period, and total operating expenses totaled 1.82 billion nairas, compared with 1.83 billion nairas in the year-earlier period.

Reported net income grew year over year to 13.9 million nairas, or 0 kobo per share, from 6.9 million nairas, or 0 kobo per share.

As of July 18, US$1 was equivalent to 295.25 nairas.