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Al - Eqbal Investment (PLC) Q4 profit falls YOY

Al - Eqbal Investment Co. PLC said its normalized net income for the fourth quarter amounted to 15 Jordanian fils per share, a decrease of 31.7% from 21 fils per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.4 million dinars, a decline of 31.7% from 6.4 million dinars in the prior-year period.

The normalized profit margin declined to 14.4% from 19.9% in the year-earlier period.

Total revenue declined 5.9% year over year to 30.2 million dinars from 32.1 million dinars, and total operating expenses decreased from the prior-year period to 22.0 million dinars from 22.4 million dinars.

Reported net income declined 31.9% year over year to 6.4 million dinars, or 21 fils per share, from 9.4 million dinars, or 31 fils per share.

For the year, the company's normalized net income totaled 70 fils per share, a gain of 18.1% from 59 fils per share in the prior year.

Normalized net income was 21.0 million dinars, a rise of 18.1% from 17.8 million dinars in the prior year.

Full-year total revenue increased 16.5% on an annual basis to 123.9 million dinars from 106.3 million dinars, and total operating expenses increased 14.3% on an annual basis to 89.6 million dinars from 78.4 million dinars.

The company said reported net income increased 18.2% year over year to 31.2 million dinars, or 1.04 dinars per share, in the full year, from 26.4 million dinars, or 88 fils per share.

As of Feb. 11, US$1 was equivalent to 71 Jordanian fils.