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Cairo Poultry Q1 profit climbs 9.8% YOY

Cairo Poultry Co. SAE said its normalized net income for the first quarter amounted to 8 Egyptian piastres per share, a gain of 9.8% from 7 piastres per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 37.2 million pounds, a gain of 9.8% from 33.9 million pounds in the prior-year period.

The normalized profit margin increased to 8.1% from 6.0% in the year-earlier period.

Total revenue declined 18.9% on an annual basis to 461.2 million pounds from 568.4 million pounds, and total operating expenses fell 20.8% year over year to 396.6 million pounds from 500.8 million pounds.

Reported net income fell 22.9% on an annual basis to 37.0 million pounds, or 8 piastres per share, from 48.1 million pounds, or 10 piastres per share.

As of April 21, US$1 was equivalent to 7.62 Egyptian pounds.