Bahrain: Esterad reports profit growth
Stronger profits were a result of gains primarily from the continued restructuring of the company's previously acquired diversified global private equity and real estate portfolio.
Earnings per share for the quarter was 3.2 fils compared with 2.8 fils in the first quarter of last year.
Total comprehensive income amounted to BD530,951 in the first quarter of 2025 compared to BD565,041 in the first quarter of last year.
Total income for the first quarter was BD1,860,084 compared to total income of BD1,977,805 in the first quarter of 2024, down 6pc.
The decrease resulted primarily from decline in the company's Turkish listed equity portfolio in line with the declines seen in the Turkish equity indices during the first quarter.
These equity positions have, however, already recovered in value in the second quarter.
Total equity was BD44,265,270 at the end of the first quarter versus BD43,377,483 at end-December 2024, an increase of 2pc primarily related to current period profit.
Total assets decreased by 6pc to BD87,585,870 compared to BD93,100,840 as of end-December 2024, primarily resulting from declines in the company's Turkish listed equity portfolio.
Commenting on the results, Hisham Alrayes, chairman of Esterad, said: 'We are pleased to report sound results and performance for the first quarter of 2025. Building on momentum across our business, we successfully delivered another quarter of double-digit growth in profitability despite market volatility. During the first quarter of the year, we continued to make progress in the restructuring and management of key turnaround assets acquired in late 2023 with recovery of value reflecting positively on results.'
Mr Alrayes added: 'I am also pleased to announce that Nabeel Nooruddin will be succeeding me as chairman of Esterad. Over my six-year tenure, and in close collaboration with the board of directors, we succeeded in transforming Esterad into one of the region's leading investment companies. I am confident that under Mr Nooruddins leadership, Esterad will continue to build on this momentum and achieve even greater success in the years ahead.'
Commenting on the financial results, Esterad chief executive Ahmed Abdulrahman said: 'We are proud to announce strong results for the first quarter, and we will continue with our efforts to reposition additional assets within our diversified global real estate and private equity portfolio to unlock greater value during the remainder of the year.'
Mr Abdulrahman added: 'On behalf of the board and management team, I would like to sincerely thank Hisham Alrayes for his dedicated leadership and invaluable contributions during his tenure as chairman. We also warmly welcome Nabeel Nooruddin as our new chairman and look forward to working with him to build on this momentum and lead the Company into its next phase of growth.'
Nabeel Nooruddin, incoming chairman of Esterad, added: 'I am honoured to take on the role of Chairman at such a pivotal time for Esterad. I look forward to working closely with the Board and management team to further strengthen our investment platforms and pursue new strategic opportunities that will enable us to continue creating sustainable value for our shareholders.'
Mr Nooruddin brings over two decades of regional and international financial experience, including founding and leading Alpine Wealth Management. His expertise spans wealth management, investment strategy, financial planning, and international trade.
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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