International Business: Inovest reports net profit of $1.29m for the first quarter – Gulf Digital News

International Business: Inovest reports net profit of $1.29m for the first quarter – Gulf Digital News

MANAMA: Inovest announced its financial results for the first three months of 2022, showing a consolidated net profit attributable to parent shareholders of $1.29 million in comparison to a net loss of $74,000 for the same quarter of last year.

Accordingly, basic earnings per share for the first quarter of 2022, rose to 0.43 cents as compared to loss per share of (0.02) cents for the same period in 2021.

The increase is due to an improvement in the performance of the group’s revenues from its real estate investments as well as management and other service fees.

The net operating profit stood at $1.28m in the first quarter of this year in comparison to a loss of $278,000 for the first quarter of 2021, a solid improvement attributable to gains in consolidated operating income as well as an effective reduction in operating expenses.

The consolidated operating income increased by 79pc to $3.45m in comparison to $1.93m whilst the group’s operating expenses were reduced slightly, standing at $2.17m in the first quarter of 2022 in comparison to $2.21m for the same period of 2021.

In regard to the group’s key balance sheet indicators, the equity attributable to parent shareholders stood at $144.38m in comparison to $143.09m