Manama: Mahmood Rafique, Editor: Infracorp, a highly specialized entity investing in the infrastructure and sustainability development sector, has reported a total income of $195million in the first half of the year, an increase of 182% compared to the same period last year.
Announcing half yearly financially on Wednesday for the period ended 30th June 2024, the company has achieved a net profit of USD 26.5 million, an increase of 28.4% in comparison with USD 20.6 million for the same period in 2023.
Infracorp has reached several key milestones in its real estate portfolio projects, including the announcement of the commencement of construction works on the Marina Bay project located on Reef Island in the capital, Manama, which features a collection of luxury villas, along with a selection of penthouses and duplexes that offer stunning waterfront views. This positive performance underscores Infracorp’s commitment to fostering growth across its diverse portfolio in the infrastructure and investment sectors, as evidenced by its current projects and strategic partnerships.
Bahrain Harbour has also witnessed several developments, with the University of Strathclyde announcing that it will be the site for its educational operations in the Kingdom of Bahrain, a move that is expected to boost visitor growth in the area. This development comes as several global brands launch their operations in the hotels, food and beverage, and retail sectors, contributing to the company’s vision of creating an integrated community and establishing a leading tourist and educational destination in the Kingdom.
Regionally, the company announced the completion of hospitality projects in both Marrakech and Tangier, Morocco. Additionally, construction works are continued in the residential units in Navi Mumbai, India.
The continuous expansion of Infracorp’s project portfolio demonstrates the company’s strategy of creating comprehensive communities that nurture social and environmental sustainability. Furthermore, the company remains focused on seamlessly integrating advanced green technologies into its developments, thereby minimising the carbon footprint and enhancing operational efficiency.
“We are delighted to report positive returns during this period, along with significant growth in the company’s revenues, which will strengthen Infracorp’s position in the infrastructure and sustainability sector. Our recent projects embody our commitment to creating value through responsible investment in communities,” Majid Al Khan, Board Member and the CEO of Infracorp, said, while commenting on the results.
“As we move forward, we remain steadfast in our commitment to innovation and environmental stewardship, ensuring that our offerings not only meet but exceed expectations. We Inferior’s look forward to building on this momentum to drive profitability and deliver sustainable solutions that contribute to the growth of the infrastructure investment and real estate development sectors in the regions where we operate,” he added.
“Infracorp continues to prioritise sustainability and economic development in all its initiatives, showcasing a proven ability to adapt in evolving markets. By implementing best-in-class ESG practices, Infracorp aims to deliver long-term value for shareholders while positively impacting the communities it serves.”
