INOVEST net profit increases 13% in first quarter

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

INOVEST announced its financial results for the first three months of 2024, showing a consolidated net profit attributable to the parent shareholders of US$ 116 thousand in comparison to a net profit attributable to the parent shareholders of US$ 103 thousand for the same quarter of last year, an increase of 13%.

Accordingly, the Basic Earnings Per Share increased to US cents 0.04 as compared to an Earning Per Share of US cents 0.03 for the same period in 2023.

The change is primarily due to an increase in management fees in 2024 and a small increase in income from construction contracts.

Net operating income stood at US$ 365 thousand in comparison to US$ 275 thousand for the first quarter of 2023, an increase of 33%.

Consolidated operating income increased by 8% to reach US$ 2.637 million in comparison to US$ 2.431 m whilst the Group’s operating expenses were increased slightly, standing at US 2.272 m in the first quarter of 2024 in comparison to US$ 2.156 m for the same period of 2023.

In regard to the Group’s key balance sheet indicators, the equity attributable to parent shareholders stood at US$ 145.097 m in comparison to US$ 148.547 m at the end of 2023.

Within the same period, INOVEST reported a slight decrease in consolidated total assets by 2% which stood at US$ 238.543 m in comparison to US$ 242.700 million at the end of 2023.

On the liquidity front, INOVEST’s cash and bank balances stood at 5% of the total consolidated assets, in comparison to 7% last year.

To that end, the cash and bank balances stood at US$ 11.274 m, in comparison to US$ 17.960 m as at the year end, representing a 37% decline resulting from the distribution of cash dividend to shareholders in 2024.