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Upper Egypt Mills fiscal Q3 profit climbs 6.1% YOY

Upper Egypt Mills Co. JSC said its normalized net income for the fiscal third quarter ended March 31 amounted to 2.37 Egyptian pounds per share, a gain of 6.1% from 2.23 pounds per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 16.6 million pounds, an increase of 6.1% from 15.6 million pounds in the year-earlier period.

The normalized profit margin increased to 2.8% from 2.7% in the year-earlier period.

Total revenue increased on an annual basis to 588.8 million pounds from 572.7 million pounds, and total operating expenses grew on an annual basis to 566.6 million pounds from 558.3 million pounds.

Reported net income increased 6.7% on an annual basis to 26.1 million pounds, or 3.72 pounds per share, from 24.4 million pounds, or 3.49 pounds per share.

As of May 28, US$1 was equivalent to 7.63 Egyptian pounds.