Inovest posts net profit of US$17.3 million in H1
Manama : Inovest Group yesterday announced its financial results for the first half of 2017, reporting a 220 per cent increase in consolidated net profit attributable to equity shareholders of US$17.3 million as compared to US$5.4m in the first half of 2016. For the three months ending June 30th, 2017, the group realised a net profit of US$9.1m in comparison to US$2.2m for the same period in 2016.
“The group’s quarter-on-quarter profitability and positive performance illustrate the soundness of its business strategy and the group’s commitment to the implementation of that strategy,” the company said in a statement.
Operating income increased by 49pc, reaching US$13.7m in the first half of 2017 compared to US$9.2m in the first half of 2016.
Net operating profit rose by 65pc to US$8.9m in the first six months of 2017 compared to US$5.4m for the same period last year.
Earnings Per Share in the second half of 2017 was US cents 6.06 compared to an Earnings Per Share of US cent 1.89 for the same period in 2016
Capital adequacy ratio stands at 133pc as compared to the Central Bank of Bahrain minimum of 110pc, Return on Assets of 6.6pc, and a Return on Equity of 13pc.
Khaled Al Sanaousi, Chairman of Inovest Board of Directors said, “With our performance and results standing as they do at the close of the second quarter of 2017, we are confident that our objectives for the year will be met, and that our second year in a three-year strategy will be another profitable and successful one.”
From his end, CEO, Murad Al Ramadan, said, “Our income this quarter stem from several grounds; initially, from a strategic increase in our shareholding within an existing investment which has seen positive performance improvement, but also from the sale of investment properties, growth in rental income, as well as a remarkable improvement in the performance of our subsidiaries and associates.”
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