Monday 22 April 2024

Hisham Alrayes

Infracorp net profit up 38pc in 2023; revenue hits $189m

MANAMA, February 21, 2024

Infracorp, a leader in infrastructure and sustainable development asset investment and management, has posted a 38% jump in 2023 net profit to $45.5 million compared with $33 million in 2022. The firm reported a total revenue of $189 million in 2023. 
The real estate portfolio led the way with revenues of $163 million, followed by the industrial portfolio with $15 million in revenues. An additional $11 million in revenues was generated from the investment and financial instruments portfolio.
Hisham Alrayes, Board Chairman of Infracorp, stated: “We are delighted with the positive financial results reported for the year ending December 31, 2023, which reflect our strong net profit and revenues across our investment, real estate and industrial portfolios. These results demonstrate our continued commitment to excellence in Infrastructure projects, services, and sustainable development asset investment and management.”
Enhanced value
Alrayes added: “These results reflect the efforts made over the past year and are a direct outcome of our focus on identifying and capitalising on profitable opportunities in the infrastructure sector. Our commitment to delivering innovative infrastructure solutions remains unwavering, as we continue to explore new opportunities and cultivate strategic partnerships to drive growth and expansion. We prioritise sustainability and social responsibility in all decision-making processes. Moving forward, we are dedicated to providing enhanced value to our shareholders and partners. Leveraging our experience in infrastructure project investments, we aim to achieve long-term returns while upholding the highest standards of corporate governance and responsible investment practices.”
Majed Al Khan, CEO of Infracorp, said: “Infracorp remains committed to delivering cutting-edge investment products and cultivating a diverse range of sustainable infrastructure projects for investors worldwide. With a focus on generating long-term returns and sustainable value for shareholders, Infracorp implements an integrated business strategy to drive growth and innovation in the global market. Managing a robust asset portfolio valued at approximately $3 billion, the company is dedicated to expediting the progress of its sustainable projects across the Mena and South Asia regions.”
“Infracorp has successfully completed and sold all villas within the first and second phases of the mixed-use California Village project in Dubai. This project offers over 230 residential villas with spacious layouts and high-end designs in a prime strategic location. Additionally, the company has effectively managed the development operations of its real estate portfolio projects in Morocco, focusing on delivering a contemporary lifestyle in alignment with Infracorp’s business model and principles,” Al Khan explained.
Project completions
Elaborating further, the CEO stated: “Infracorp has successfully completed the new ‘Pearl House’ project, situated on the eastern side of Bahrain Harbour. This project features luxury freehold apartments similar to the ‘Charthouse Residences’, which began leasing as hotel apartments on the western side of Bahrain Harbour. Additionally, the ‘Harbour Views’ project, located in ‘Harbor Heights’, has been completed.” 
He added: “An agreement has also been signed to open Kempinski Hotel in the Bahrain Harbour project, with plans to welcome residents and guests by the end of 2025. Retail outlets have been opened in the Harbor Row project, attracting a high demand from tenants and establishing it as a preferred destination for F&B outlets. Notably, nearly 96% of the units in the project have been sold. Moreover, the ‘Marina Bay’ project was launched in the first quarter of 2023. This project is located on a 34,000 sq m area on Reef Island and comprises a selection of villas and luxury duplex apartments, all offering stunning sea views. The total investment for this project amounts to $200 million.”--TradeArabia News Service


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