Esterad Investment achieved a net profit attributable to the shareholders of BD362,188 for the three months ended March 31, 2023 compared with BD250,172 for the same period of the previous year, representing an increase of 45 per cent.

The announcement was made during a meeting of the company’s board of directors yesterday where it was declared that earnings per share were 2.6 fils compared with 1.8 fils in the previous year.

The increase in net profit is primarily due to income on trading portfolio during the period.

The total comprehensive income attributable to the shareholders for the three months ended March 31, 2023 is negative BD22,084 compared with positive total comprehensive income of BD313,720 of last year.

The decrease in total comprehensive income is attributed to the decrease in value of investments during the first quarter of 2023.

The total shareholders’ equity attributable to the shareholders as of end-March 2023 is BD34,617,247 compared with BD35,501,813 as of 2022 financial year-end, recording a slight decrease of 2pc primarily due to 2022 dividend declared during the current period.

The total assets by end-March 2023 reduced to BD51,566,394 from BD53,601,286 as of end-December 2022, a decrease of 4pc.

Total income for the three months period was BD749,033 compared with BD575,841 for the corresponding period last year, representing an increase of 30pc.

Commenting on the results, Esterad Investment chief executive Ahmed Abdulrahman said: “We are pleased to exceed the goals set according to the business plan in the first quarter of 2023 by diversifying sources of income while maintaining cost management, which was reflected in an increase in net profits by 45pc compared with the same period last year.”

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