Arab Today, arab today investcorp reports 53 increase in net income
Last Updated : GMT 02:18:28
Arab Today, arab today
Arab Today, arab today

Investcorp reports 53% increase in net income

Arab Today, arab today

Arab Today, arab today Investcorp reports 53% increase in net income

Manama - BNA

Investcorp, a global provider and manager of alternative investment products, today announced its first half fiscal 2014 (H1 FY14) results for the six months ended December 31, 2013. Investcorp’s profitability momentum continued with net income for the period up 53% to $60.1 million (H1 FY13: $39.2 million). This was driven by a solid performance across its core business underpinned by strong transaction activity, coupled with ongoing demand for alternative investment assets from Gulf investors as market sentiment continues to improve across all of its geographies. The total enterprise value of the companies and the real estate properties acquired in the period exceeded $1.5 billion, including two investments that were signed in FY13 and closed during H1 FY14. Gross operating income increased by 14% to $174.9 million (H1 FY13: $152.9 million) with fee income increasing by 16% to $171.0 million (H1 FY13: $147.6 million). The significant growth in fee income is also partly reflective of an improved macro-economic environment, with recovery in the US markets and more stability in Europe. Net income from the Group’s fee business showed a very strong performance, rising by 24% in H1 FY14 to $74.3 million (H1 FY13: $59.8 million).  

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