Mubasher: Inovest on Monday reported a consolidated net profit attributed to the shareholders worth $7.15 million for fiscal year 2019, 49% lower than $14 million in 2018.

Earnings per share (EPS) totalled 2.52 cents by 2019 year-end, down from 4.95 cents a year earlier, according to a press release.  

In the meantime, the company posted a 51% annual decline in total net operating profit to $6.17 million last year from $12.52 million, while total operating income shrank by 16% annually to $19.94 million from $23.74 million.

The lower profits for FY19 are largely dragged by an expected drop in revenue from contracting activities, completion of a major government project, as well as capital gains realised from the disposal of an investment over the same period in 2018, Inovest revealed. 

In the fourth quarter (Q4) of 2019, the net profit attributed to the parent shareholders amounted to $2.14 million when compared to $1.70 million in the same period in 2018, recording a 26% annual rise and primarily backed by management fees ascribed to an associate. 

Moreover, total operating revue increased by 49% on an annual basis to $6.27 million in Q4-19 from $4.22 million.

Furthermore, the company’s board of directors recommenced a bonus share distribution of 5% of the paid-up capital or 1-for-20 shares for 2019, subject to the approval of the Central Bank of Bahrain (CBB) and the Ministry of Industry and Commerce and Tourism.   

As for the first nine months of the year, profits fell by 57.3% to $5.57 million, compared with $13.06 in the same period in 2018.

It is worth highlighting that Inovest is listed on both Boursa Kuwait and Bahrain Bourse (BHB).