Infracorp” Reports Net Profit of USD 10.4 Million in Q1 2024, Achieving Income Worth USD 30+ Million

May 21, 2024

Infracorp, a leading specialised company in investing in the infrastructure and sustainability development sector, announced its financial results for the period ended 31st March 2024. The company reported a net profit of USD 10.4 million, compared to USD 8.5 million for the same period in 2023, an increase of 22%. During the first quarter of 2024, the company achieved income of USD 30.5 million, an increase of 33% compared to USD 23 million in the same period last year. The increase is attributable to the growth of the company’s income across all development, industrial and investment sectors.

During the first quarter of 2024, the company continued its efforts to consolidate its reputation as a leading company in the field of real estate development and investment in the social infrastructure sector. The company achieved several milestones in its real estate portfolio projects, including the delivery of title deeds for the luxury residential units in the Bahrain Harbour project.

In addition, Infracorp recently opened the first branch of the renowned Japanese restaurant ROKA in Bahrain Harbour within its hospitality portfolio. This reflects the company’s dedication to providing a premium experience for residents and visitors alike, and its commitment to making a meaningful contribution to the improvement of the hospitality sector in the Kingdom of Bahrain by attracting top-tier brands from around the world.

At the regional level, Infracorp has achieved notable milestones in its infrastructure and hospitality sector development projects, particularly in the Kingdom of Morocco, where the company has successfully completed two high-profile hotel projects; the Royal Parks Marrakech and the Royal Resort Tangier. In the same context, more than two million square feet of residential units were created and sold in the Mumbai region of the Republic of India.

Commenting on the occasion, Mr. Majed Al Khan, CEO of Infracorp, stated: “We are pleased to announce the achievement of attractive returns for our shareholders and strategic partners. This outstanding performance is a testament to our unwavering commitment to achieving exceptional results. We are determined to build on this momentum and achieve further growth in all development, industrial, and investment sectors. We are also confident that our strategic initiatives and diverse project portfolio will continue to drive the company’s success and maintain its position as a major contributor to the development of the infrastructure and real estate development sector.”

It is worth noting that Infracorp has a strategic focus on sustainability, recognising its critical role in driving economic development and societal growth in the regions where it operates. Through various investment opportunities and unique financial solutions, the company creates high long-term value for shareholders, partners, and customers. Furthermore, Infracorp is committed to upholding best-in-class ESG practices, enabling it to meet the needs of emerging economies and adapting to changing market conditions through a flexible investment strategy that enhances energy efficiency, localises innovation, creates job opportunities, and raises living standards in urban communities.