Inovest reports Q1 net profit of US$8.2m
Manama : The Inovest Group yesterday announced financial results for the first quarter of 2017, reporting a consolidated net profit attributable to equity shareholders of US$8.2 million as compared to a net profit of US$3.2m in the first quarter of 2016.
Earnings Per Share for the first quarter of 2017 amounted to US cents 2.87 compared to an Earnings Per Share of US cents 1.13 for the same time period in 2016.
The company’s operating income was US$4.7m in comparison to US$5.1m in the first quarter of last year; while operating expenses stood at US$2.6m in comparison to US$1.9m in the first quarter of 2016. Additionally, Inovest reported recoveries from impaired receivables of US$6.1 as a result of settlements with clients.
Speaking about the results, Khaled Al Sanaousi, Chairman of the Inovest Board of Directors said, “On a Group level, we expect to further cement our performance through our construction arm, Tamcon, which continues to deliver upon and be awarded significant high level contracts.”
CEO, Murad Al Ramadan, said, “We expect further recoveries throughout this year whilst we will also continue to improve our operating income by enhancing the performance of our existing investment portfolio and that within our construction arm, Tamcon.
Looking ahead, Al Ramadan said that the company has many projects in its pipeline focusing on opportunities in the education, healthcare, and F&B and retail sectors.
“All this ultimately ties into our strategic intention to diversify our investment portfolio to include new sectors and markets beyond local boundaries,” he added.
He said the company expects the coming quarters to be productive and prolific.
Related Posts