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General Investment Co. Q1 profit climbs 20.1% YOY

General Investment Co. Ltd. said its normalized net income for the first quarter was 3 Jordanian fils per share, an increase of 20.1% from 2 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 277,980 dinars, a gain of 20.1% from 231,490 dinars in the year-earlier period.

The normalized profit margin rose to 15.7% from 8.4% in the year-earlier period.

Total revenue decreased 35.7% year over year to 1.8 million dinars from 2.7 million dinars, and total operating expenses declined 42.4% from the prior-year period to 1.4 million dinars from 2.5 million dinars.

Reported net income grew 24.8% from the prior-year period to 411,840 dinars, or 4 fils per share, from 330,110 dinars, or 3 fils per share.

As of April 28, US$1 was equivalent to 71 Jordanian fils.