TDT | Manama
Daily Tribune – www.newsofbahrain.com
INOVEST reported consolidated net income attributable to parent shareholders for the third quarter of 2023 of US$1.67 million, an increase of 365% from net income of US$359,000 in the same period last year.
Earnings per share rose to 0.56 US cents from 0.12 US cents in the same period in 2022.
INOVEST attributed this increase primarily to increased facility management and associated litigation wins and reserve cancellations.
Net operating income was USD 405 thousand compared to USD 211 thousand in Q3 2022. This is due to maintaining income levels, improving expense management and reducing funding costs.
Consolidated operating profit increased by 2% from USD 2.35 million to USD 2.38 million, while operating expenses decreased by 7% from USD 2.14 million to USD 1.98 million in the same period last year.
9 month results
Consolidated net income attributable to parent shareholders for the nine-month period was US$2.23 million, an increase of 24% compared to US$1.8 million for the same period last year.
Parent company’s earnings per share were US$0.75 compared to US$0.61 in 2022.
This increase was primarily due to the reversal of previously taken provisions.
In addition to other revenue increases, INOVEST maintained clear control over expenses across its operations.
Consolidated net operating income increased by 184% to reach a profit of USD 1.35 million compared to USD 475,000 in the same period of 2022.
Consolidated operating profit increased 5% to USD 7.42 million from USD 7.1 million in the previous year.