INOVEST reports Q3, nine-month profits

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

INOVEST reported a 365% jump in its third quarter 2023 consolidated net profit attributable to parent shareholders of US$ 1.67 million from a net profit of US$ 359 thousand in the year-earlier quarter.

Earnings Per Share rose to US cents 0.56 from US cents 0.12 for the same period in 2022.

INOVEST attributed the increase primary to increase in facilities management and the winning of a legal case and reversal of provision related to it.

Net operating income stood at US$ 405 thousand compared to US$ 211 thousand for the third quarter of 2022, attributable to sustaining income levels, improved management of expenses, as well as a reduction in financing costs.

Consolidated operating income increased 2% to US$ 2.38m from US$ 2.35m whilst operating expenses decreased 7% to US$ 1.98m from US$ 2.14m in the same quarter a year ago.

Nine-month results

Nine-month consolidated net profit attributable to parent shareholders was US$ 2.23m, compared US$ 1.80m for the same period last year, an increase of 24%.

Earnings Per Share of the parent company was US cents 0.75 as compared to US cents 0.61 in 2022.

This increase is primarily attributed to a reversal of a previously taken provision.

In Addition to the increase in other income, INOVEST maintained specific control over expenses across its business.

Consolidated net operating income increased by 184%, reaching a profit of US$ 1.35m in comparison to a US$ 475 thousand for the same period of 2022.

Consolidated operating income rose 5% to US$ 7.42m from US$ 7.10m last year.