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Al Arafa for Investment & Consultancies fiscal Q3 profit climbs YOY

Al Arafa for Investment & Consultancies Co. (SAE) said its normalized net income for the fiscal third quarter ended Oct. 31 was $1.4 million, a rise from $302,490 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 2.0% from 0.5% in the year-earlier period.

Total revenue grew on an annual basis to $69.3 million from $66.2 million, and total operating expenses rose on an annual basis to $65.4 million from $62.8 million.

Reported net income came to $1.8 million, compared with $309,220 in the prior-year period.