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Salalah Mills Q1 profit falls YOY

Salalah Mills Co. SAOG said its normalized net income for the first quarter amounted to 2 Oman baiza per share, a decrease of 23.8% from 2 baiza per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 901,600 rials, a decrease of 28.9% from 1.3 million rials in the year-earlier period.

The normalized profit margin dropped to 5.5% from 7.7% in the year-earlier period.

Total revenue decreased year over year to 16.3 million rials from 16.5 million rials, and total operating expenses rose on an annual basis to 14.8 million rials from 14.3 million rials.

Reported net income decreased 30.7% on an annual basis to 1.3 million rials, or 3 baiza per share, from 1.8 million rials, or 4 baiza per share.

As of May 7, US$1 was equivalent to 38 Oman baiza.