INOVEST reports Q2, H1 profit

TDT | Manama   

The Daily Tribune – www.newsofbahrain.com

INOVEST reported profits for its second quarter and first half of 2023, thanks to higher management fees, income from investments, and other income from associates and joint ventures, as well as a decrease in operating expenses.

Q2 results

The company’s second quarter consolidated net profit attributable to the parent shareholders was $458,000 compared to a net profit attributable to the parent shareholders of $150,000 for the same quarter of 2022, a growth of 205%.

Earnings Per Share increased to 0.15 cents as compared to 0.05 cents for the same period in 2022. Net operating income stood at $670,000, compared to a loss of $1.02 million for the second quarter of 2022.

Consolidated operating income increased by 107% to reach $2.60 million in comparison to $1.26 million, while operating expenses were reduced by 15%, standing at $1.93 million in the second quarter of 2023 in comparison to $2.27 million for the same period in 2022.

H1 results

H1 consolidated net profit attributable to parent shareholders was $561,000, as compared to $1.44 million for the same period last year, a decrease of 61%. Earnings Per Share amounted to 0.19 cents as compared to 0.49 cents in 2022.

The company attributed it primarily to provision reversals in 2022 for legal cases. Consolidated net operating profit increased by 258%, reaching $945,000 in comparison to $264,000 for the same period in 2022, due to the increase in management fees, income from investments, and other income with the enhanced results of associates and joint ventures, and the decrease in operating expenses.

Consolidated operating income for the six months of 2023 increased by 7% to reach $5.03 million in comparison to $4.70 million for the same period last year. On the liquidity front, cash and bank balances stood at 5% of the total consolidated assets, in comparison to 7% last year.