All profits doesnt guarantee a pay rise. There are more obligations that might be given first prioritity for the sake of company growth and expansions... and even stabilize financial obligations. more

That's a hard one to answer without additional information. What is the company size? Number of employees? What industry? Maybe the company has... specific plans for those profits; shareholder dividends, new facilities for expansion, R&D expenses, new products, expand into new markets or maybe an acquisition? They may be right in responding the way they did.
Did you lay out the specific reasons you deserve a raise? What additional value did you bring to your role? (savings generated, new streamlined processes implemented, new ideas of yours they adopted).  more

With a resignation