Chairman Khaled Al Sanaousi
Inovest registers $53m net loss
MANAMA, February 16, 2016
Inovest, a Bahrain-based sharia-compliant investment firm, has registered a consolidated net loss of $53.7 million last year in comparison with $3.8 million in 2014.
Its total revenues excluding unrealised revaluation losses stood at $9.2 million compared to $13.3 million in the previous fiscal year, with the fourth quarter losses of 2015 reaching $51.1 million as compared to $3.9 million during the same quarter in 2014.
Khaled Al Sanaousi, chairman of the board, said: “The significant differential between the year end results of 2014 and 2015 is the result of a stern decision to provision against certain investments and receivables to the tune of $44.35 million, actual operating losses for the year ended before such provisioning stand at $9.37 million.
“This financial year has been a difficult one; our approach has been to take such challenges on and use their momentum to propel us forward. In 2015, the Group embraced a number of key changes in its structure and executive management team, investment portfolio, and financing structures.
“Through the turbulence of such changes, Inovest has settled onto more solid foundations. Savvy investors will understand and acknowledge the merits of our decision to sternly provision against certain investments and receivables, and to exit legacy investments.”
Meanwhile, the board has approved a three-year strategy (2016-2018) delineating what is expected to be a much brighter investment horizon for the group. - TradeArabia News Service
