INOVEST net profit increases 13% in first quarter | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

INOVEST net profit increases 13% in first quarter | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

TDT | Manama     
The Daily Tribune – www.newsofbahrain.com
INOVEST announced its financial results for the first three months of 2024, showing a consolidated net profit attributable to the parent shareholders of US$ 116 thousand in comparison to a net profit attributable to the parent shareholders of US$ 103 thousand for the same quarter of last year, an increase of 13%.
Accordingly, the Basic Earnings Per Share increased to US cents 0.04 as compared to an Earning Per Share of US cents 0.03 for the same period in 2023.
The change is primarily due to an increase in management fees in 2024 and a small increase in income from construction contracts.
Net operating income stood at US$ 365 thousand in comparison to US$ 275 thousand for the first quarter of 2023, an increase of 33%.
Consolidated operating income increased by 8% to reach US$ 2.637 million in comparison to US$ 2.431 m whilst the Group’s operating expenses were increased slightly, standing at US 2.272 m in the first quarter of 2024 in comparison to US$ 2.156 m for the same period of 2023.
In regard to the Group’s key balance sheet indicators, the equity attributable to parent shareholders stood at US$ 145.097 m in comparison to US$ 148.547 m at