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Al-Ittihad Schools Q4 profit climbs YOY

Al Ittihad Schools Co. said its fourth-quarter normalized net income was 209,670 dinars, a rise from 20,630 dinars in the year-earlier period.

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

The normalized profit margin increased to 5.7% from 1.2% in the year-earlier period.

Total revenue grew 17.0% on an annual basis to 1.9 million dinars from 1.7 million dinars, and total operating expenses fell year over year to 1.6 million dinars from 1.6 million dinars.

Reported net income rose year over year to 274,430 dinars, or 2 fils per share, from 22,360 dinars, or 0 fils per share.

For the year, the company's normalized net income totaled 6 fils per share, a gain from 3 fils per share in the prior year.

Normalized net income was 920,110 dinars, an increase from 457,170 dinars in the prior year.

Full-year total revenue grew 10.9% from the prior-year period to 7.2 million dinars from 6.5 million dinars, and total operating expenses decreased on an annual basis to 5.4 million dinars from 5.6 million dinars.

The company said reported net income increased on an annual basis to 1.3 million dinars, or 9 fils per share, in the full year, from 619,000 dinars, or 4 fils per share.

As of March 29, US$1 was equivalent to 71 Jordanian fils.