The firm’s assets under management (AUM) increased by $1.9 billion to $28.2 billion during the period.
Wednesday 07, August 2019 BY KUDAKWASHE MUZORIWA
Bahrain-based Investcorp has posted an annual net income of $131 million, a five per cent increase compared to $125 million for the same period in 2018, despite a slowing macroeconomic backdrop and increasing trade as well as geopolitical tensions.
The firm attributed its robust financial and operating performance to its continued progress in delivering on its strategic objectives of reaching AUM of $50 billion over the medium term via both organic and inorganic initiatives.
In a statement, Investcorp said that earnings per ordinary share were $1.47, a 13 per cent increase from $1.30 in 2018 while the total comprehensive income of $124 million for 2019 financial year was three per cent higher than $121 million in 2018.
The company attributed the five per cent growth in net income several key strategic initiatives such the launch of a European private equity buyout fund with Coller Capital as an anchor investor and the debut offering of a Chinese investment fund as well as the establishment of a joint venture with Aberdeen Standard for a GCC infrastructure fund.
Investcorp also completed the acquisitions of a minority stake in Banque Paris Bertrand and the real estate and private equity businesses of IDFC in India.
Mohammed Alardhi, the Executive Chairman of Investcorp, said, “Our expansion into new geographies, such as China and India and new products, such as direct lending and infrastructure, is mirrored by similar ambitions in diversifying our client base, both by geography and segment.”
The Central Bank of Bahrain recently approved the delicensing of the wholesale bank (Investcorp Bank), and the process of converting into holding company as well as the voluntary surrender of the Bahrain wholesale licensing is expected to be completed this year