INOVEST records fourth quarter, full year profits

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

INOVEST announced its financial results for the year ended 31st December 2023, reporting quarterly and full year profits.

Q4 results

Fourth quarter consolidated net profit attributable to the parent shareholders was US$ 2.404 million in comparison to a net loss of US$ 878 thousand for the same quarter of last year.

Accordingly, Earning Per Share was US$ cents 0.81 as compared to a Loss Per Share of US cents 0.30 for the same period in 2022.

This stems primarily from the exit of one of the company’s investments in the Kingdom of Saudi Arabia.

Net operating income stood at US$ 2.629m compared to a loss of US$ 670 thousand for the fourth quarter of 2022, attributable to sustaining income levels, improved management of expenses, as well as a reduction in financing costs upon the full settlement of the finance facility obtained from one of the banks in Bahrain. 

Consolidated operating income increased by 207% to reach US$ 4.974m from US$ 1.620m whilst the Group’s operating expenses slightly increased by 2%, standing at US$ 2.345m in comparison to US$ 2.290m for the same period of 2022.

Full year results

Chairman of INOVEST Mohammed Hamad Al-Shalfan noted on INOVEST’s financial results for the year ended 31st December 2023 show a consolidated net profit attributable to parent shareholders of US$ 4.634m, as compared to a profit of US$ 923 thousand for the same period last year, an increase of 402%. 

Earnings Per Share of the parent company was US cents 1.56 as compared to US cents 0.31 in 2022. 

This increase is primarily attributed to the sale of one of the company’s investments mentioned above. And the positive increase in other income.  

Acting CEO of INOVEST Adnan Mohammed Rahma added that INOVEST also continued to maintain specific control over expenses across its business.

Operating expenses decreased by 5%, standing at US$ 8.410m in comparison to US$ 8.865m for the same period of 2022.

Within 2023, the consolidated net operating income increased to reach US$ 3.980m in comparison to a loss of US$ 195 thousand for the same period of 2022 due in large to the aforementioned reasons.

Furthermore, the consolidated operating income for the year increased by 43% to reach US$ 12.390m in comparison to US$ 8.670m last year.

 Rahma Commented on the Group’s key indicators, the equity attributable to parent shareholders stood at US$ 148.547m as at the year-end in comparison to US$ 143.836m at the end of 2022, an increase of 3%.

Within the same period, INOVEST reported a slight increase by 1% in consolidated total assets which stood at US$ 242.700m in comparison to US$ 240.327m at the end of 2022.

On the liquidity front, INOVEST’s cash and bank balances stood at around 7% of the total consolidated assets. To that end, the cash and bank balances stood firm at US$ 17.96m.

Rahma expressed optimism about the upcoming phase and stated that it will mark a new beginning for the company in the investment sector in the GCC region.