Inovest holds Annual General Meeting, okays 5% dividends split

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Inovest announced that it had held its Annual General Meeting yesterday in the presence of shareholders representing more than 67% of the Company’s shares.

Shareholders approved the Board of Directors recommendation of distributing 5% dividends split between Cash Dividends of 3% and 2% Stock Dividends in the form of Bonus Shares.

The meeting also reappointed both the Sharia Supervisory Board members and External Auditors for the year ending 31 December 2024.

During the AGM the shareholders commended the remarkable financial performance.

The Group recorded a substantial increase in Net Income reaching US $ 4.845 million during 2023 representing approximately 338% increased compared to 2022.

In addition, Inovest’s Earning Per Share increased by more than 402% reaching 1.3 cents per share compared to last year’s EPS.

Chairman of Inovest, Mohammed Hamed Al-Shalfan commented “We are delighted with our 2023 financial performance. We have managed to grow our Operating Income to US $ 12.391 million which represents more than 43% increase compared to 2022”.

Al-Shalfan added “Despite the growth in Operating Income, we have continued to apply a measured and cost-conscious approach by decreasing our Operating Expenses by 5%”.

Al-Shalfan also stated: “2023 witnessed the exit of one of our investments in the Kingdom of Saudi Arabia which attributed to a healthy cash inflow of US $ 8.640 million thus demonstrating our ability to monetize our investment portfolio with healthy returns”.

Acting Chief Executive Officer of Inovest, Talal Abdulaziz Al Mulla commented: “our investment portfolio registered solid performance across all verticals. Despite the current market conditions and geopolitical climate, our leasing portfolio maintained solid and consistent occupancies”.

Al Mulla concluded: “we are also exploring a number of opportunities in the residential real estate developments and logistics sector and are confident such transactions will cement Inovest’s growth prospects for 2024”.