Manama: Esterad Investment Co. B.S.C. (“Esterad” or “the Company”) (Trading Code: ESTERAD) today announced its financial results for the second quarter of 2024 (“the quarter”) and first half of the year (“the period”) ending June 30, 2024.

Net profit attributable to shareholders was BD885,853 for the second quarter compared to BD712,169 for the second quarter of 2023, an increase of 24%. Enhanced profits were a result of fees generated from the Company’s investment activities and growth in returns from its real estate and private equity portfolios. Earnings per share for the quarter was 5.8 fils compared with 5.1 fils in the second quarter of last year. Total comprehensive income attributable to shareholders amounted to BD 290,269 in the second quarter of 2024 compared with BD501,446 in the second quarter of last year, a decrease of 42%. Total income for the second quarter was BD 2,716,940 compared to BD 1,059,078 in the second quarter of 2023, up 157%. The significant increase resulted from income generated from key assets within the Company’s recently acquired diversified global private equity and real estate portfolio, and fees generated from Esterad Bank.

For the six-month period, Esterad reported net profit attributable to shareholders of BD 1,321,646 compared to BD 1,074,357 in the prior-year period, an increase of 23%. Earnings per share for first half of 2024 was 8.6 fils compared with 7.7 fils in the first half of 2023. Total comprehensive income attributable to shareholders amounted to BD 855,310 for the period, an increase of 78%, compared with BD 479,362 for the corresponding period of 2023. Total income for the six-month period was BD 4,694,745 compared to BD 1,808,111 in the first six months of 2023, up 160%.

Total equity attributable to shareholders at 30 June 2024 was BD 38,856,170 versus BD 40,198,706 at 31 December 2023, a decrease of 3% related to the significant 20% dividend distributed by the Company for 2023. Total assets increased by 2% to BD 121,987,967 at 30 June 2024 compared to BD 119,858,511 at 31 December 2023.

Commenting on the results, Mr. Ahmed Abdulrahman, CEO of Esterad, said, “We are pleased to announce another period of strong performance and growth in profitability for the second quarter and first half of 2024. For the six-month period, income grew by a significant 160%, reflecting further gains and positive contributions from across our core investment activities. In particular, results were bolstered during the period by the ongoing benefits from our recent restructurings and the continued effective management of our diversified portfolio of local and global private equity and real estate assets.

“During the second quarter, further progress was also achieved at Esterad Bank. In another milestone, the Bank received regulatory approvals for placement of a US Multifamily real estate deal valued at over US$27 million that is currently being placed with investors across the GCC region. Simultaneously, we continued to work on closing other attractive deals in our pipeline across well-performing sectors and geographies.”

Adding Mr. Abdulrahman said, “Our Amwaj Beachfront project, another landmark development attracting local and regional investors to the Kingdom’s real estate market, also continued to make strong advancements during the second quarter.  We further progressed the handover of the project’s 52 luxury townhouses and officially launched sales for an additional 245 state-of-the-art apartments to be located in the project’s West Tower after having secured the necessary approvals from the Bahrain Real Estate Regulatory Authority. This next phase of the project has been met with impressive demand and uptake with strong commitments to date for one, two and three-bedroom luxury seafront apartments.”

“For the second half of the year, we will continue our focus on maximizing the performance and profitably of our existing assets and as well as further growing and diversifying our portfolios through investments into sound, income-generating assets in our core local and global markets where we have identified opportunities to build on our experience and track record. Having concluded the first six months of the year with strong momentum, we are well positioned to accelerate our progress and drive further value creation for our shareholders throughout the remainder of 2024.”

Note: The press release and the full financial statements are available on Bahrain Bourse’s website.

About Esterad Investment Company

Esterad Investment Co. B.S.C. (“Esterad”) is a leading investment firm and one of the oldest to be established in the Kingdom of Bahrain. Founded in 1973 and listed on the Bahrain Bourse, Esterad has pioneered investments into key national projects and industries and has a long and proven track record of making secure investments in a variety of assets, regionally and internationally. Esterad’s investment divisions include Real Estate, Private Equity and Public Market investments. The Company invests proprietary capital across a broad spectrum of real estate assets in lucrative locations and sought-after destinations. It also leverages its extensive experience and expertise in multi sector private equity, investing in diversified industries including Infrastructure, Technology, F&B, Services, and Real Estate across the GCC. Esterad’s Public Instruments division invests capital in both equities and fixed income securities in Bahrain as well as in regional and global markets. With an ambition rooted in transformative investments in Bahrain and beyond, Esterad’s world class management team selects investments based on stringent risk parameters, and the value it can add for shareholders, and the economies and societies in which it operates and serves.

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