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Al Arafa for Investment & Consultancies fiscal Q4 profit climbs YOY

Al Arafa for Investment & Consultancies Co. (SAE) said its normalized net income for the fiscal fourth quarter ended Jan. 31 was $1.8 million, a rise from $839,370 in the year-earlier period.

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

The normalized profit margin climbed to 3.9% from 1.0% in the year-earlier period.

Total revenue decreased 14.1% on an annual basis to $69.3 million from $80.6 million, and total operating expenses fell 7.2% year over year to $70.0 million from $75.5 million.

Reported net income totaled $4.8 million, compared with $1.2 million in the prior-year period.

For the year, the company's normalized net income totaled $5.9 million, an increase of 80.9% from $3.3 million in the prior year.

Full-year total revenue rose year over year to $266.0 million from $258.1 million, and total operating expenses rose 5.5% on an annual basis to $252.5 million from $239.4 million.

The company said reported net income came to $10.4 million in the full year, compared with $4.5 million in the prior year.