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Inovest doubles profit, declares 30pc dividend

Manama, March 4, 2009

Inovest has reported a net profit of $91.2 million, an increase of 101 per cent from last year’s $45.2 million.

It has declared a 30 per cent dividend and 10 per cent bonus shares.

The company’s value of earnings per share also saw a positive incline, reaching 38.67 cent rising by 78 per cent from last year. The end of 2008 additionally saw total equity increase to a value of $253.1 million against $184.6 million in 2007.

The announcements were made at its annual general meeting (AGM) and extraordinary general meeting (EGM) held at the Ritz-Carlton, Bahrain Hotel & Spa.

The sessions were attended by a number of shareholders and proxy voters as well as representatives from the Ministry of Industry and Commerce, the Central Bank of Bahrain and the Bahrain Stock Exchange.

Samir Yacoob AlNafisi, chairman of the board of directors, noted several accomplishments that have been integral to the company’s success and to the achievement of such outstanding financial results.

He further indicated that to be able to speak of marked achievements amidst world and regional economic and financial turmoil is a demonstration of the company’s capability, aptitude, and expertise.

He extended thanks to the company’s shareholders for their constant contribution in supporting the company’s journey to success, as well as the board members for their prominent selection of the company’s initiatives and investment approach.

Capping this was personalised gratitude to the company’s staff members, each of whom spared no effort in moving the company’s activities forward into ever higher tiers of performance.

Ahmed Rashid Al Qattan, vice chairman and managing director, illustrated the company’s strategic mandate towards diversification of its business lines and risk mitigation.

This was manifested first and foremost in the company’s varied real estate investment portfolio, which included sectors such as industry (through investment in the likes of Bahrain Investment Wharf), family entertainment and tourism (via Adhari Amusement Park), as well as medium and high end residential properties (projects such as Tala Island, Durrat Marina, Dannat, and the BIW Labor Accommodations), and the commercial sector (BIW Business Park).

Al Qattan further stated that this policy towards diversification transcends the company’s real estate business, and is ultimately exhibited in the transformation of Tameer into Inovest, allowing access to a wider range of investment sectors and an opportunistic approach to global projects.

The establishment of Inovest therein supports the exploration of new opportunities and sectors such as alternative energy, agriculture, information technology, and oil and tourism facilities amongst others.

The company will also be equipped to provide for other investment lines of business including structuring of funds, venture capital, private equity, and wealth management, he added. – TradeArabia News Service




Tags: Bahrain | AGM | Inovest |

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