Infracorp Achieves Net Profit of $54.5 Million for the Fiscal Year Ending on 31 December 2024
Infracorp B.S.C. (closed) has announced its financial results for the fiscal year ending on 31 December 2024. The company achieved a net profit of USD 54.5 million compared to USD 45.5 million for the previous year, an increase of 20% supported by strong returns achieved in the fields of development, management and investment in various sectors, as the year witnessed successful exits from important projects.
The company, which specialises in investing and managing infrastructure assets and sustainable development, recorded total revenues of USD358 million, compared to USD189 million in 2023, an increase of 89%. The company's assets under management increased by 12% to reach USD 1.85 billion in 2024, compared to USD 1.65 billion in 2023.
The company also witnessed strong performance from all sectors. Its development portfolio achieved revenues of USD 327 million in the year ended on 31 December 2024, compared to USD 163 million in the same period in 2023, an increase of 100%, while the investment portfolio achieved revenues of USD 18 million in 2024, an increase of 64% compared to USD 11 million recorded in 2023.
Mr Hisham Alrayes
Chairman of the Board
Commenting on the occasion, Mr Hisham Alrayes, Board Chairman, stated: 'These financial results reflect the ability of Infracorp's business model to innovate and adapt to challenges. We are committed to enhancing our investment strategies and delivering value to our shareholders, which strengthens our position in the market.'
He added: 'We will continue to focus on developing innovative solutions to boost our competitiveness. We also seek to explore new markets and open diverse investment areas that contribute to sustainable growth. Our commitment to sustainability and social responsibility is an integral part of our strategy, as we aim to achieve a positive impact in the communities within which we operate.'
Mr Majed Al Khan
Board Member and CEO
On his part, Mr Majed Al Khan, Board Member and CEO, said: 'Infracorp continues to achieve strong and stable results, demonstrating the strength of our strategy and the diversity of our investment portfolio, which contributed to the company's net profits increasing by 20%. We anticipate the prospects of growth and expansion into new areas while consistently prioritising innovation and exceptional performance. These results reflect the excellence of our investment portfolios, especially in the infrastructure and retail sectors, which remain the main drivers of our business growth, in addition to the successful strategic outflows that embody the expertise and capability of our team.'
Commenting further he stated: 'Last year, the company was keen to advance the completion of its projects, as we are proud to announce the launch of Phase III of California Village in Dubai, and the completion of 20% of the construction work on the Marina Bay project that we launched in mid-2024, in addition to completing Phase I of our mixed-use projects in Morocco. The company's mixed-use infrastructure projects also continued their momentum in attracting more retail stores, thanks to the stimulating investment environments and advanced facilities that meet the needs of the market.'
'We are proud to be part of the positive transformations witnessed by the region, and are working to implement initiatives that improve its quality of life and promote sustainable development. We are keen to maintain this momentum of success in the coming years, as we work to develop new projects and improve the services provided to our customers. Our partnership with the local community and investors remains the cornerstone of our growth and expansion strategy,' Mr Al Khan added.
Key achievements of business units during 2024
Infrastructure Sector • Launch of Phase III of the California Village residential project in Dubai, during which 370 residential units will be developed. • Completion of Phase I of the company's mixed-use project in Marrakech. The project includes a luxury hotel with 153 high-spec rooms, in addition to a spa, a conference centre, and a gym. • Completion of Phase I of the company's mixed-use project in Tangier, which includes a modern hotel with 99 rooms in addition to a spa, and many facilities.
• Completion of 20% of construction work on the Marina Bay project on Reef Island, which offers a high-end residential community on the waterfront in a distinguished area near the most prominent entertainment destinations in the Kingdom of Bahrain.
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