Infracorp posts $6.2m Q1 Profit
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Infracorp, the social infrastructure group of GFH Financial Group, reported a net profit of $6.2 million on revenue of $17.4 million during the first three months of 2022. Making its first financial disclosure since launching earlier this year, Infracorp currently has $3 billion of assets under management.
“The first financial statement indicates that Infracorp is well-positioned to achieve its goal of driving the development of sustainable infrastructure and making a positive contribution to future generations.
We are delighted at the initial response to Infracorp’s launch and look forward to seeing the entity gain momentum in the coming months,” Hisham Alrayes, Chairman of Infracorp. In March, the company listed a $900 million green sukuk on the London Stock Exchange, the first-ever green sukuk to be listed on the exchange by a Bahraini entity.
The company recently launched Harbour Views - an upmarket residential development in Bahrain. Located in Manama’s Harbour Heights area, the project has witnessed strong demand and is considered one of the country’s leading residential sites.
Majed Al-Khan, CEO of Infracorp, commented: “Already, we have built a varied portfolio and diversified and sustainable operational revenue streams, providing a solid foundation upon which to build and generate value for shareholders while maintaining a solid liquidity position.
The Group is currently focusing on establishing solid operational guidelines to ensure international best practices that can adapt dynamically to macro economic changes.” Among Infracorp’s assets is a 250 million square feet land bank that is earmarked for sustainable economic and social infrastructure.
The group is building a sustainability ecosystem in part through investments in a social infrastructure portfolio solution that comprises building materials, logistics and technologies that support climate change goals, as well as social infrastructure assets across the education and healthcare sectors.