INOVEST reports Q4, FY24 results, ups cost efficiency

TDT | Manama

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Inovest announced its financial results for the year ending December 31, 2024, which the company said were negatively impacted by losses from the contracting arm within the group.

Fourth quarter results

Fourth quarter consolidated net loss attributable to shareholders of the parent company was $828 thousand compared to a net profit attributable to shareholders of the parent company of $2.404 million for the same quarter of 2023.

Earnings per share decreased to a loss of 0.27 US cents compared to earnings per share of 0.81 US cent for the same period in 2023. This is mainly due to losses from the contracting arm within the group.

Other comprehensive loss amounted to $358,000 compared to Nil for the same period last year. Net operating loss was $851,000 compared to net income of $2.629 m for the fourth quarter of 2023. Consolidated operating income decreased to a profit of $1.294 m compared to an income of $4.974 m. While the group’s operating expenses decreased by 9% to reach US$2.145 m in the fourth quarter of 2024, compared to US$2.345 m for the same period in 2023.

Full year results

Inovest’s year ending in 2024 showed a consolidated net loss attributable to shareholders of the parent company of US$8.524 m, compared to a net income of US$4.634 m for the same period last year.  EPS was a loss of 2.81 US cents compared to EPS of 1.53 US cents in 2023.

Other comprehensive loss for the year amounted to $358,000 compared to Nil last year. Consolidated net operating income also decreased to reach a loss of US$8.167 m compared to net income of US$3.980 m for the same period in 2023, due, as mentioned above, to losses incurred by Tamcon Contracting Company, one of the group’s subsidiary companies. Consolidated operating income also decreased, reaching a loss of $134,000 compared to an income of $12.390 m for the same period last year.

Regarding the group’s main balance sheet indicators, the equity of shareholders of the parent company amounted to US$136.099 m at the end of 2024, compared to US$148.547 m at the end of 2023, a decrease of 8%.  During the same period, total combined assets registered a slight decrease of 7% to US$227.427 m compared to US$245.562 m at the end of 2023. In terms of liquidity, cash and bank balances amounted to 5% of the total combined assets, compared to 7% last year. Therefore, cash and bank balances amounted to US$10.658 m, compared to US$17.960 m at the end of 2023, a decrease of 41%.