Gulf Construction Online - Infracorp posts solid 9-month results; net profit up 25pc

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Majed Al Khan

Infracorp posts solid 9-month results; net profit up 25pc

21-11-2024

Infracorp, a leading specialised company in investing in the infrastructure and sustainability development sector, has seen its nine-month (9M) net profit jump 25% to $37.2 million.

For the period the company has reported an income of $268 million, compared to $124 million for the same period in 2023, an increase of 116%.

Infracorp’s asset value increased substantially from $1.65 billion as of December 31, 2023 to $1.87 billion as of September 30, 2024, reflecting an asset growth of 13%.

Leading firm

Infracorp continues its efforts to solidify its reputation as a leading company in real estate development and investment in the social infrastructure sector.

The company has achieved several significant milestones in its real estate portfolio projects. Among the most notable recent achievements is offering units in the ‘Marina Bay’ project for ownership, located on the waterfront of Reef Island in the capital, Manama.

This project features a collection of luxury villas, duplex apartments and penthouses with stunning sea views. In addition, the company is actively progressing on its international portfolio, which includes development projects in Dubai, Morocco and India.

Moreover, Infracorp has intensified its efforts to develop the Harbour Walk project, which is the latest entertainment destination in Bahrain. This project boasts over 10,000 sq m of commercial space extending along a promenade and waterfront that exceeding one kilometre.

It has attracted several global brands for launching their operations, featuring restaurants and cafes from renowned names such as ROKA, Dawa by Chef Roaya Saleh, and cafes like 668, There, Makani, and Strathclyde University – Bahrain, along with other services catering to visitors of Bahrain Harbour, as part of the company’s strategy to expand its hospitality and retail project portfolio.

Aviation and logistics

Meanwhile, the company recently announced a strategic partnership in the aviation and logistics sector by signing an agreement with Mena Aerospace. This partnership aims to develop dedicated aircraft facilities in Bahrain, setting the stage for the creation of a regional platform aimed at providing advanced aircraft facilities in the GCC region.

This represents a milestone in the company’s efforts to diversify its investment portfolio across various sectors, contribute to sustainable development, and enhance the kingdom’s capabilities in the aviation sector. It also aligns with Bahrain’s ambitious Economic Vision 2030, along with growth in its industrial portfolio, which includes significant stakes in Falcon Cement Company (FCC) and Bahrain Aluminium Extrusion Company (Balexco).

Majed Al Khan, Board Member and CEO of Infracorp, stated: “We are delighted to report positive financial results for the frst nine months. These results reflect the strong performance of our investment, real estate, and industrial portfolios, as well as our unwavering commitment to excellence in developing innovative infrastructure projects, and investing in and managing sustainable development assets."

"It represents the company’s efforts to seize various profitable opportunities and leverage them while striving to provide rewarding returns for our shareholders and partners. Our commitment to delivering innovative infrastructure solutions remains steadfast, as we continue to explore new opportunities and forge additional constructive partnerships for growth and expansion, while keeping sustainability and social responsibility at the forefront of our priorities,” he added.-TradeArabia News Service