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Al Arafa for Investment & Consultancies fiscal Q2 profit climbs 56.6% YOY

Al Arafa for Investment & Consultancies Co. (SAE) said its normalized net income for the fiscal second quarter ended July 31 came to $1.9 million, a rise of 56.6% from $1.2 million 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 2.7% from 2.1% in the year-earlier period.

Total revenue rose 22.0% on an annual basis to $70.6 million from $57.9 million, and total operating expenses increased 18.5% from the prior-year period to $62.7 million from $53.0 million.

Reported net income totaled $2.8 million, compared with $1.7 million in the prior-year period.