Inovest records solid nine month, quarterly results
Manama : The Inovest Group yesterday announced financial results for the first nine months of 2016, reporting a continuation of its solid performance and return to profitability, and recording a net profit of US$9.180 million in comparison to a net loss of US$2.593m for the same period last year.
For the three months ending September 30th 2016, the group realised a net profit of US$3.790m in comparison to a net loss of US$651 thousand for the same period in 2015.
Within the first nine months of 2016, Inovest was also able to report an increase of 85.7 per cent in its operating income amounting to US$12.348m in comparison to US$6.648m in the first nine months of 2015.
Further, the group’s operating expenses saw a 32pc decline, standing at US$5.821m as compared to US$8.532m for the same period last year. The Earnings Per Share for the first nine months of 2016 amounted to US cents 3.23 compared to a Loss Per Share of US cents 0.91 for the same time period in 2015.
Commenting on the results, Khaled Al Sanaousi, Chairman of the Inovest Board of Directors said, “The group’s performance over the past nine months is the result of several successful investment exits, positive returns from the group’s construction activities, as well as managing our operating expenses and reducing debt cost.”
In due regard to the group’s business plan and recent success in acquiring an income generating property in the Sultanate of Oman, Al Sanaousi affirmed that several opportunities within the region were being assessed as a means of geographically diversifying the group portfolio as well as creating a pipeline of investment prospects.
He also said the company is keen on enhancing the role of its real estate development arm “Tameer” through several value added real estate projects over the coming years.
Murad Al Ramadan, CEO of Inovest, said, “Our positive performance and growth is driven by our three-year strategy (2016-2018), and underpinned by the efforts of our team, and the support of our Board of Directors. Going forward, our challenge is to continue our positive performance and maintain growth to further cement our success.”
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