Bahrain’s Esterad achieves a 25% increase in net profit

Bahrain’s Esterad achieves a 25% increase in net profit

The increase in net profit is due to income on real estate assets during the period.

The total comprehensive income attributable to the shareholders for the three months ended 31st March 2022 BD 313,720 compared to total comprehensive income of BD 361,672 of last year. representing a decrease of 13pc. The decrease in total comprehensive income is attributed to the decrease in investment prices during the first quarter of 2022.

The total shareholders’ equity attributable to the shareholders as of end of March 2022 BD33,728,354 compared to BD34,240,946 as of 2021 financial year-end, recording a slight decrease by 1pc. The total assets by the end of March 2022 reduced to BD47,901,775 compared to BD50,300,119 as of end of December 2021, a decrease by 5pc.

Total income for the three months period was BD 575,841 compared to BD 601,324 for the corresponding period last year, representing a decrease of 4pc.

Commenting on these results, Hisham Al Rayes, chairman of the board of directors of Esterad Investment Company, said: “We are pleased to achieve the goals set according to the business plan in the first quarter of 2022, and this comes in conjunction with our focus on the strategic acquisition of Venture Capital Bank (VCB), where