Inovest reports net profit of US $18.9m
Manama : Inovest Group yesterday announced financial results for the first nine months of 2017, reporting a 109 per cent increase in its consolidated net profit attributable to equity shareholders to US$19.1m as compared to US$9.2m in the first nine months of 2016. Inovest also said its expects “to close this year with a strong fourth quarter”.
Earnings Per Share attributable to the equity of the parent company in the nine months of 2017 was US cents 6.64 compared to an Earnings Per Share of US cent 3.23 for the same period in 2016.
For the three months ending September 30th, 2017, the Group realised a net consolidated profit of US$1.9m in comparison to US$3.8m for the same period in 2016.
Consolidated operating income increased by 43pc, reaching US$17.6m compared to US$12.3m in the first nine months of 2016. Likewise, within the same timeframe this year, consolidated net operating profit rose by 59 per cent to US$10.4m as compared to US$6.5m for the first nine months of 2016.
Meanwhile, on the asset side, the Group saw a continued growth of 9pc increase in the consolidated total assets to reach US$285m as compared to US$263m at the end of 2016. The Group’s financing from banks was reduced by 16pc to reach US$13.8m, and it further saw an overall reduction in its total liabilities of 2pc. The Group’s key performance indicators for the period reflected its solid results with the capital adequacy ratio standing at 146pc as compared to the Central Bank of Bahrain minimum of 110pc, Return on Consolidated Assets at 7pc, and Return on Equity attributable to the equity of the parent company at 14pc.
“We look forward to building upon this year’s deliverables in the forthcoming periods, and to delivering even stronger performance and strategic growth,” CEO, Murad Al Ramadan said.
“Our performance this quarter, and to that end for the past few years, demonstrates that we are on the right strategic track and that we have the capability to deliver and sustain solid growth and profitability. This quarter’s results are the result of continued proceeds from positively performing current investments, investment and property exits, and sustained delivery and performance within our subsidiaries and associates,” Al Ramadan added.
Inovest’s recently elected Chairman of the Board of Directors, Dr. Abdulla Alhumaidi said: , “The Board and Executive Management of Inovest were in the process of planning for the Group’s next stage of growth and development which would see an expansion in market activities, enhanced investment exposure on a geographic level, and diversification of the Group’s portfolio towards an end goal of delivering greater value to shareholders.”
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