With a 37% Increase, Infracorp Reports Net Profit of USD 8.5 Million for the First Quarter of 2023
May 23, 2023
Manama, 23 May 2023: 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 will open in Bahrain Harbour, such as Roka and Avli by tashas, while Black Stripe, Yabany House Restaurant and Mukani Café were recently opened, that is in addition to the opening of Megamart Supermarket; the largest in Bahrain Financial Harbour district.
Infracorp also launched phase 2 of its California Village mixed-use project in Dubai, United Arab Emirates. The step comes in the wake of the Company’s success in completing, selling and handing over the project’s phase 1 villas to tenants. Phase 2 of the project consists of 208 villas with a total value of USD 150 million-plus. It was designed in accordance with the highest standards and latest designs, with the purpose of meeting the needs of contemporary families and offer them a new concept in a luxurious and eco-friendly lifestyle.
On this occasion, Mr. Majed Al Khan, CEO of Infracorp, commented: “In the second year since the Company’s inception, we are embarking on a journey that aims to advance sustainable infrastructure development and make a positive contribution to future generations, while achieving the desired result on the development and prosperity of societies. To achieve this objective, we are relying on an integrated strategy in our work and the introduction of innovative products that will have the greatest impact in meeting the needs of our partners in success.”
He further added: “The accomplished results confirm Infracorp’s keenness to continue its steady strides on a solid financial and operational path. This paves the way for the Company to achieve additional gains in the foreseeable future, supported by its prudent management of various infrastructure and real estate assets, as well as reporting positive returns within a healthy investment cycle, ensuring the achievement of greater value, and providing exceptional opportunities for international investors across different sectors.”
It is noteworthy that Infracorp was established in early 2022, with a focused vision on sustainability as an essential element for the development of economies and societies in which it operates, offering various investment opportunities and unique financial solutions that contribute to creating long-term high value for shareholders, partners and clients. The Company is also committed to ESG practices by meeting the needs of emerging economies and adopting a flexible investment strategy that promotes energy efficiency, localising innovation, creating job opportunities and improving living standards in urban communities.