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Al Eid Food Q2 profit climbs YOY

Al Eid Food Co. KSCP said its normalized net income for the second quarter came to 210,140 dinars, a rise from 204,570 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 declined to 6.3% from 6.3% in the year-earlier period.

Total revenue rose year over year to 3.3 million dinars from 3.2 million dinars, and total operating expenses climbed on an annual basis to 2.9 million dinars from 2.8 million dinars.

Reported net income rose on an annual basis to 332,690 dinars, or 0 fils per share, from 323,860 dinars, or 0 fils per share.

As of July 24, US$1 was equivalent to 30 Kuwaiti fils.