Inovest announced its financial results for the third quarter of 2023, showing a consolidated net profit of $1.67 million in comparison to a net profit of $359,000 for the same quarter of last year, an increase of 365 per cent.

Accordingly, the basic and diluted earnings per share for the third quarter of 2023, rose to 0.56 cents as compared to 0.12 cents for the same period in 2022.

This stems primarily from increase in facilities management and the fact that the company won a legal case and accordingly reversed the provision related to it.

The net operating income stood at $405,000 in the third quarter of this year in comparison to $211,000 for the third quarter of 2022, attributable to sustaining income levels, improved management of expenses, as well as a reduction in financing costs.

The consolidated operating income slightly increased by 2pc to $2.38m for the third quarter of 2023 in comparison to $2.35m whilst the group’s operating expenses decreased slightly by 7pc, standing at $1.98m in the third quarter of 2023 in comparison to $2.14m for the same period of 2022.

Inovest’s financial results for the first nine months of 2023 show a consolidated net profit of $2.23m, as compared to a profit of $1.80m for the same period last year, an increase of 24pc.

The group also reported that basic and diluted earnings per share of the parent company in the first nine months of 2023 amounted to 0.75 cents as compared to 0.61 cents in 2022.

This increase is primarily attributed to a reversal of a previously taken provision.

In addition to the increase in other income, Inovest maintained specific control over expenses across its business.

Within the first nine months of 2023, the consolidated net operating income increased by 184pc, reaching a profit of $1.35m in comparison to a $475,000 for the same period of 2022 due in large to the aforementioned reasons.

Furthermore, the consolidated operating income for the nine months of 2023 increased by 5pc to $7.42m in comparison to $7.10m last year.

In regard to the group’s key balance sheet indicators, the equity attributable to parent shareholders stood at $146.07m as at September 30, 2023 in comparison to $143.84m at the end of 2022.

Within the same period, Inovest reported a slight decrease by 2pc in consolidated total assets which stood at $235.39m in comparison to $240.33m at the end of 2022.

On the liquidity front, Inovest’s cash and bank balances stood at around 5pc of the total consolidated assets.

To that end, the cash and bank balances stood firm at $11.60m.

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