Investcorp records 50 percent profit increase for 2003
Investcorp reported a 50 percent net profit increase during the fiscal year ending June 30, 2003, reaching $75.1 million. The firm’s Board of Directors has recommended a dividend payment of $40 million on ordinary shares, an increase of 33 percent over past levels.
Additionally, a dividend at the prescribed rate of 10 percent per annum will be paid on Investcorp's preference share capital. Gross shareholders' funds were $1.5 billion. Total assets reached $3.8 billion by June’s end.
Investcorp changed its fiscal year-end to June 30, with this 18-month period, from January 2002 to June 2003, serving as the transitional fiscal period. Hereafter, Investcorp will prepare and publish audited financials as of June 30 each year.
For comparison purposes Investcorp also prepared pro forma results for the most recent twelve-month period July 1, 2002 to June 30, 2003. These results were even more positive, with a net income of $79.7 million, representing an increase of 59 percent over the prior audited fiscal period ended December 31, 2001.
Investcorp is a global investment group with offices in Bahrain, London and New York. The firm has four lines of business: corporate investment, real estate investment, asset management and technology investment. It was established in 1982 and has since completed transactions with an aggregate value of approximately $25 billion. — (menareport.com)
© 2003 Mena Report (www.menareport.com)