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Dubai-listed investment firm Al Baraka Group posted a 52% increase in full-year net profit for 2022 on the back of strong performance across its business units in the Middle East, particularly in Egypt, Turkey and Jordan.
The Group’s net income attributable to shareholders reached $143 million, up from $94 million in 2021, the Bahraini company said in a statement to the Dubai Financial Market (DFM) on Wednesday.
“This reflects a strong performance across the Group’s subsidiaries… with significant contributions from its units in Egypt, Turkey and Jordan,” the company said.
“It also reflects continued solid income generation from the Group’s financing and investment activities, despite ongoing market volatility throughout the year.”
For the fourth quarter of 2022, net income attributable to shareholders rose by 17% to $17 million. Basic and diluted earnings per share for the quarter was $0.03, compared with $0.09 in the fourth quarter of 2021.
(Writing by Cleofe Maceda; editing by Daniel Luiz)
