Mubasher: Leading alternative investment products provider Investcorp, on Wednesday reported a net income of $48 million for the first half (H1) of fiscal year 2019/2020 ended 31 December 2019, down by 17% from $58 million in the same half a year earlier.     

Fully diluted earnings per share (EPS) decreased by 12% annually to $0.65 in the first half of FY19/20 from $0.74, according to a press release.    

In the meantime, the Bahraini firm’s assets under management (AUM) grew by 11% during the six-month period ended in December 2019 to $31.1 billion when compared to $28.1 billion on 30 June 2019. 

Furthermore, Investcorp's total assets grew by 13% to $2.66 billion over the six months ended 31 December 2019 from $2.36 billion.

Commenting on the results, executive chairman of Investcorp, Mohammed Alardhi, said, “Our solid results reinforce our confidence in Investcorp’s organic and inorganic growth strategy. The increase in AUM during the period was largely attributable to organic initiatives; demonstrating strong global demand for our offerings with investors seeking increased exposure to alternative assets.”  

“We enter the second half of our fiscal year facing increasing geopolitical and macro-economic headwinds with a stronger and more diversified business, supported by a robust balance sheet and world-class talent. Our ambitious growth strategy to reach $50 billion in AUM over the medium term is increasingly within reach,” he added.