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Majan College fiscal Q1 profit climbs 28.1% YOY

Majan College (University College) SAOG said its normalized net income for the fiscal first quarter ended Nov. 30 amounted to 1 Oman baiza per share, an increase of 28.1% from 1 baiza per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 407,830 rials, an increase of 28.1% from 318,290 rials in the prior-year period.

The normalized profit margin increased to 25.3% from 23.1% in the year-earlier period.

Total revenue climbed 17.2% on an annual basis to 1.6 million rials from 1.4 million rials, and total operating expenses rose 10.7% from the prior-year period to 960,150 rials from 866,980 rials.

Reported net income grew 64.4% from the prior-year period to 837,060 rials, or 3 baiza per share, from 509,260 rials, or 2 baiza per share.

As of Dec. 15, US$1 was equivalent to 39 Oman baiza.