Infracorp reports net profit of USD 8.5mln for the first quarter of 2023

Infracorp reports net profit of USD 8.5mln for the first quarter of 2023

Manama: Infracorp, one of the leading companies specialising in social infrastructure, has recently announced its financial results for the period ended 31st March 2023, reporting a net profit of USD 8.5 million, compared to USD 6.2 million for the same quarter of 2022, with an increase of 37%.

The Company reported USD 23 million in revenues in the first quarter of 2023, compared to USD 17.4 million in the same period last year; an increase of 32%. It also recorded an increase in total assets, reaching USD 1.63 billion in the first three months of this year, in comparison with USD 1.62 billion reported on 31st December 2022.

Infracorp manages a diverse and comprehensive portfolio of businesses and assets, including 250 million ft2 of land dedicated to sustainable economic and social infrastructure, as well as mixed-use projects and development solutions.

The Company recently completed the new Marina project in Bahrain Harbour, which can accommodate 33 yachts and boats. Furthermore, a specialised company will be appointed to operate and manage the Marina, which will be allocated for the residents of Harbour Row and Harbour Heights.

Additionally, Infracorp concluded several agreements with new international partners within its hospitality portfolio, where a chain of prestigious luxury restaurants