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Sharkia National Q3 profit climbs 13.6% YOY

Sharkia National Co. for Food Security said its normalized net income for the third quarter amounted to 2 Egyptian piastres per share, a decrease of 25.0% from 3 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 462,640 pounds, a gain of 13.6% from 407,100 pounds in the prior-year period.

The normalized profit margin fell to 3.4% from 4.0% in the year-earlier period.

Total revenue increased 8.0% year over year to 10.9 million pounds from 10.1 million pounds, and total operating expenses climbed 5.3% year over year to 10.5 million pounds from 10.0 million pounds.

Reported net income came to 669,740 pounds, or 3 piastres per share, compared to 442,300 pounds, or 3 piastres per share, in the year-earlier period.

As of Nov. 12, US$1 was equivalent to 7.83 Egyptian pounds.