MANAMA: Investcorp, the asset management firm specializing in alternative investments head-quartered in Bahrain, on Tuesday said that its net profit for 2011 rose by 37% to $140.3 million, up from $102.2 million in 2010.
This represents the third-best profit performance in the firm's history and continues the rebound to profitability and growth, which began in 2010. Earnings per ordinary share doubled to $128 per share, and the board of directors' has approved the recommendation for resumption of dividend payments to ordinary shareholders of $15 per share.
Earlier, the firm held in its 28th ordinary general meeting the shareholders discussed and approved the board of directors' and auditors' reports on the firm's financial results for the fiscal year 2011.
Throughout 2011, Investcorp brought in more than $1 billion in proceeds from alternative investments, a fact that reflects the high quality of the firm's investment portfolio and its success in supporting and managing these investments during the global financial crisis.
Nemir A. Kirdar, executive chairman & CEO, said: "Investcorp once again produced excellent results from all its diversified business activities on three continents. The high reputation of the Investcorp brand and our strong performance in our target markets are due to the superior skills and talents of our staff as well as the trust and respect afforded by our clients. We have every reason to look forward to continued upward momentum and delivering further progress and achievements in the years ahead."
Investcorp is a leading provider and manager of alternative investment products. Investcorp has offices in the Kingdom of Bahrain, London and New York and is publicly traded on the Bahrain Bourse (INVCORP). Investcorp has three business areas: corporate investment in the US, Europe and MENA, real estate investment in the US and global hedge funds. As of June 30, 2011, Investcorp had $11.8 billion in assets under its management.
© Arab News 2011
