With 23% Revenue Growth Reaching USD 123.7 Million: Infracorp Achieves Net Profit of USD 29.8 Million in First 9 Months of 2023
November 28, 2023
Infracorp, a leading company specialising in social infrastructure, announced its financial results for the period ended 30th September 2023. The Company has reported a net profit of USD 29.8 million, compared to USD 21.2 million for the same period in 2022, an increase of 40%. During the third quarter of the current year 2023, the Company achieved net profits of USD 9.2 million, an increase of 19%, compared to USD 7.7 million in the same period of last year 2022.
Infracorp, with its diverse business activities and assets, owns a range of integrated projects and development solutions. Its latest projects, Marina Bay, is considered the most luxurious residential project in Bahrain, with its unique location on Reef Island, comprising of approximately 200 units, including 26 villas. AAP, an international consulting company based in Portugal and Kuwait, has been appointed as the design consultant for Marina Bay.
In addition to Marina Bay, Infracorp has completed the new Pearl House project on the eastern side of Bahrain Harbour, offering luxurious freehold apartments. Units in the Chart House project, located on the western side of Bahrain Harbour, have also been successfully handed over, while the company has also completed the Harbour Views residences in Harbour Heights.
Internationally, Infracorp has commenced the construction of the second phase of the California Village multi-use project in Dubai, United Arab Emirates. The Company successfully completed and sold the villas in the first phase, with the second phase witnessing high demand for its luxury residential units.
Meanwhile, Infracorp is currently restructuring its industrial portfolio to support its expansion in developing vital industrial infrastructure in Bahrain and the surrounding region. Additionally, the Company is expanding its investment portfolio in the hospitality sector and attracting several renowned international names, including ROKA and Avli by tashas.
On this occasion, Mr. Majed Al Khan, CEO of Infracorp, commented: “We are pleased to continue achieving positive financial and operational results in our journey of excellence. Our aim is to accomplish more success and maintain the accomplishments made during the first two years of establishing the company.”
“The first 9 months of the current year witnessed significant achievements for the Company, with the completion of several iconic projects that reflect Infracorp’s policy in developing smart and modern residential communities in line with contemporary trends. The Company will continue its commitment to creating fertile investment ground through its experienced management of infrastructure assets and diverse real estate, while investing in community development, with a focus on high-quality real estate development projects with exceptional and modern architectural styles,” Mr Al Khan added.
It is worth noting that Infracorp focuses its vision on sustainability as an essential element for the development of the economies and societies in which it operates, by offering various investment opportunities and unique financial solutions that contribute to creating high long-term value for shareholders, partners and customers. The Company is also committed to ESG practices by meeting the needs of emerging economies and adopting a flexible investment strategy that enhances energy efficiency, localises innovation, creates job opportunities, and raises living standards in urban communities.