Reporting Net Profit of USD 33 Million: Infracorp Announces its Financial Results for the Year Ended 31st December 2022
March 25, 2023
Infracorp B.S.C (Closed) has announced its financial results for the year ended 31st December 2022, recording USD 33 million net profit; a positive result that reflects its strong financial performance in its first fiscal year.
Infracorp, which is specialised in sustainable infrastructure and development investments, reported USD 128.5 million in revenues in 2022. The Company witnessed a strong performance across all sectors, as the real estate portfolio generated revenues of USD 99 million, and USD 19 million revenues were reported by the industrial portfolio, while USD 10.5 of revenues was generated through the investment and financial instruments portfolio.
As part of its constant strive to provide investors with sustainable social infrastructure services on a global scale, Infracorp’s comprehensive strategy focuses on accomplishing long-term returns and providing sustainable value for communities. The Company manages a diversified portfolio of assets, with a total value of nearly USD 3 billion, and it is moving steadily towards accelerating the progress of developing sustainable infrastructures in Middle East, North Africa and South Asia region.
“At Infracorp, we continue our commitment to enable economies to advance towards broader prospects of growth and prosperity, through responsible investment and adopting the best ESG practices.”Mr. Hisham Alrayes, Chairman of Infracorp
Commenting on the financial results, Mr. Hisham Al Rayes, Chairman of Infracorp, stated: “The year 2022 marked Infracorp’s first year of operations after establishing itself as a leading player in the real estate and infrastructure development industry. The company’s renewed focus on diversification and strong commitment to Environmental, Social, and Governance (“ESG”) principles demonstrated its dedication to sustainable growth and responsible business practices. As a result, Infracorp is well-positioned to seize opportunities in emerging markets and capitalize on the growing demand for innovative and sustainable infrastructure solutions. We look forward to achieving greater growth for the Company in the coming years, and we express our appreciation to all shareholders and partners for their constant support towards the Company’s operations and activities.”
Mr. Al Rayes added: “Infracorp is the first Bahraini company to issue and list USD 900 million worth of green Sukuk on the London Stock Exchange. The issuance of green Sukuk is in line with the Company’s sustainable business model and its ambitious green vision to invest in a diversified portfolio to develop social infrastructure, which includes building materials, logistics services and modern technologies that support climate change goals, as well as managing social infrastructure assets in the education and healthcare sectors.”
On his part, Mr. Majed Al Khan, CEO of Infracorp, commented: “Infracorp has recently sold more than 90% of the waterfront project Harbour Row. The project now offers an exceptional hospitality experience with several restaurants and cafés overlooking stunning sea views. The Company also successfully sold and handed-over the first phase villas of the mixed-use California Village project in Dubai. Strategically located in the new Dubailand development, California Village, offers the perfect balance between urban environment and spacious communal living. The project offers more than 280 residential villas with large spaces and premium quality finishes. Additionally, Infracorp succeeded in accelerating the development of the Group’s portfolio in North Africa and South Asia, covering an area of more than 250 million square feet.”
The CEO added: “During the past year, Infracorp strategically invested in global markets through its acquisition of 50% of the ‘Aurora’ infrastructure fund, which won the Best Energy Investment Award in Europe for the year 2022 at the annual Infrastructure Investment Awards. We are confident in our ability to achieve the desired impact, which is an integral part of Infracorp’s philosophy, by building on the qualifications of our human capital and our accumulated experience in the renewable energy, infrastructure and real estate development sectors. We will continue our persistent pursuit of innovative solutions that have their mark in preserving the natural resources of our planet and enriching our world with sustainable development for generations to come.”