Further, as legally stipulated, the attendance included representatives from the Ministry of Industry and Commerce, the Central Bank of Bahrain, and the Bahrain Stock Exchange.
The agenda for the meetings included a range of decisions, the foremost being the distribution of bonus shares equating 7% of paid up capital (equivalent to 7 shares per every 100 shares) to shareholders who own shares of Inovest. This remains subject to the approval of the regulatory authorities.
The session also included a discussion of the company’s financial results, which included Inovest’s realization of a net profit of $11.3m in comparison to $91.2m in 2008. Shareholder equity stood at $238m in 2009, compared to $253m in the previous fiscal year, and earnings per share were 4.3 cents compared to 35.1 cents in 2008.
Within his executive review of the company’s performance, Mr.Samir Yacoob AlNafisi, the Chairman of the Board noted the challenges and difficulties of the preceding year, especially on those involved in the investment and real estate.
Mr. Nafisi asserted that “either directly, or indirectly, institutions across the board have seen and felt the repercussions of the crisis on their bottom lines. With consideration for this, we are especially pleased with our performance and ability to be amongst the exceptional few who made this year a profitable one. This we accredit to a sound and duly conservative business approach for selecting and structuring investments, and also to our corporate direction of diversification in chosen strategic sectors.”
Mr. AlNafisi further added, “Beyond performance, 2009 has also been a year of significant and strategic change for Inovest. With the official corporate launch as a category one investment company at the start of the year, we were able to open up and access a number of new business fields and investment venues. Inovest has accordingly made leeway in industries such as manufacturing, healthcare, pharmaceuticals, and oilfield services in addition to real estate as a tried and tested sector. Synonymous to these developments, and as part of the corporate transformation, Al Khaleej Development Company (Tameer) was re-introduced as a wholly owned subsidiary of Inovest and its dedicated real estate arm. In this regard, Tameer continues to successfully manage its growth and to follow its own strategic mandate.
Mr. Al Nafisi additionally conveyed sincere appreciation to the wise leadership of Bahrain for its role towards the consolidation of the country’s economic prosperity and global presence. He further extended his personal thanks to the company’s shareholders for their constant contribution in supporting the company’s journey to success, as well as the board members for their prominent selection of the company’s initiatives and investment approach. Mr. Al Nafisi ended his review with his most sincere gratitude being extended to the company’s staff members, whose loyalty, diligence, and contribution in supporting Inovest were seen as the most vital forces in successfully moving the company forward.
On the occasion, the Vice Chairman and Managing Director Mr. Ahmed Rashid Al Qattan illustrated the Group’s structural transformation as a gateway to new sectors and business ventures, and to the development of the company’s resources in order to fulfill the potential of these new activities. “Beyond these structural changes, 2009 saw Inovest introduce its inaugural non-real estate initiative; a manufacturing plant, based in Bahrain Investment Wharf (BIW), and designed for the production of water filters with innovative and pioneering US technology for worldwide sale.”
Mr. Al Qattan also noted, “Inovest, of course continues to benefit from real estate activities through Tameer’s focus on development and real estate services. In this regard, Tameer’s various projects continue to follow the successful path to which investors are accustomed. The Bahrain Investment Wharf has seen up to 80% of its infrastructural work completed, Phases 1 and 2 of BIW Labour Accommodations are expected to be completed by the first half of 2010, and construction in Tameer’s Estiqlal Avenue buildings is ongoing. On the real estate services side, Tamcon Contracting (a subsidiary of Tameer) saw a fruitful year on both development and financial fronts, despite its newcomer status.
Tuesday, March 9- 2010 @ 16:08 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.