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Al Soor Fuel Marketing Q1 profit climbs 32.3% YOY

Al Soor Fuel Marketing Co. KSCP said its first-quarter normalized net income amounted to 922,250 dinars, an increase of 32.3% from 696,950 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 3.4% from 2.8% in the year-earlier period.

Total revenue grew 6.2% year over year to 26.9 million dinars from 25.3 million dinars, and total operating expenses climbed 6.4% from the prior-year period to 26.1 million dinars from 24.5 million dinars.

Reported net income increased 32.3% year over year to 1.5 million dinars, or 0 fils per share, from 1.1 million dinars, or 0 fils per share.

As of June 3, US$1 was equivalent to 30 Kuwaiti fils.