Inovest reports H1 profit of $5.4 million

Manama : The Inovest Group yesterday announced its financial results for the first half of 2016, recording a net profit of US$5.4 million in comparison to a net loss of US$1.9m for the same period last year. For the three months ending June 30th 2016, the Group realised a net profit of US$2.1m in comparison to a net loss of US$1.9m for the same period in 2015.

Within the first six months of 2016, Inovest was also able to report an increase of 96 per cent in its operating income amounting to US$9.2m in comparison to US$4.7m in the first half of 2015. Further, the group’s operating expenses saw a 36pc decline, standing at US$3.8m as compared to US$5.9m for the same period.  The Earnings Per Share for the first six months of 2016 amounted to US cents 1.89 compared to a Loss Per Share of US cents 0.68 for the same time period in 2015.

Commenting on the results, Khaled AlSanaousi, the Chairman of the Board of Directors said, “The Group has continued to exit legacy investments, to improve performance in its ongoing projects, as well as to manage its operating expenses.  Further, our executive management has made good progress with the collection of long outstanding receivables, which have enhanced our liquidity position. Today our cash to paid-up capital ratio has risen to 40%, while our debt to equity ratio stands at 17.2%.

“Furthermore, we have started diversifying our investment portfolio geographically, exemplified with our recent acquisition of an income generating property portfolio in the Sultanate of Oman. We are also evaluating a strategic acquisition which will have a positive impact on the group’s portfolio,” he added. 

Murad Al Ramadan CEO of Inovest said, “Having overcome a series of difficulties and challenges, it is with great pride that our return to profitability coincides with our 15th anniversary.”