Bahrain’s Infracorp, the social infrastructure group of GFH Financial Group, has posted a net profit of $6.2 million on a revenue of $17.4 million during the first quarter of 2022.
Making its first financial disclosure since launching earlier this year, Infracorp reported it currently has $3 billion of assets under management.
Infracorp was established in January 2022 to bring sustainable social infrastructure development products to investors around the world, generating long-term returns and adding lasting value to communities.
Infracorp aims to accelerate the growth of sustainable infrastructure development across Mena and South Asia regions.
“Infracorp’s first financial statement is an important milestone that marks the beginning of our journey to provide attractive products that create a positive impact in communities around the world,” said Hisham Alrayes, Chairman of Infracorp.
“The statement indicates that Infracorp is well positioned to achieve its goal of driving the development of sustainable infrastructure and make a positive contribution to future generations. We are delighted at the initial response to Infracorp’s launch and look forward to seeing the entity gain momentum in the coming months.”
Infracorp has a diverse, synergetic portfolio of businesses, including social infrastructure, mixed use developments and development solutions. In March, the company listed a $900 million green sukuk on the London Stock Exchange, the first-ever green sukuk to be listed on the exchange by a Bahraini entity.
The company recently launched Harbour Views, an upmarket residential development in Bahrain. Located in Manama’s Harbour Heights area, the project has witnessed strong demand and is considered one of the country’s leading residential sites.
Majed Al-Khan, CEO of Infracorp, commented: “We are very excited about the future of Infracorp. Already, we have built a varied portfolio and diversified and sustainable operational revenue streams, providing a solid foundation upon which to build and generate value for shareholders with maintain solid liquidity position. The Group is currently focusing on establishing solid operational guidelines to ensure international best practices that can adopt dynamically to macro economic changes.”
Among Infracorp’s assets is a 250 million square feet land bank that is earmarked for sustainable economic and social infrastructure. The group is building a sustainability ecosystem in part through investments in a social infrastructure portfolio solution that comprises building materials, logistics and technologies that support climate change goals, as well as social infrastructure assets across the education and healthcare sectors.-- TradeArabia News Service