Investcorp Capital records $21m net profit in Q4

Investcorp Capital reported a net profit of $21 million for the fourth quarter of 2023.

This is the Bahrain-based asset manager’s first results after it listed on the Abu Dhabi Securities Exchange in November last year.

The company, a unit of Mubadala Investment Company-backed Investcorp, said its net profit in the same period a year earlier stood at $32 million. The company said its 2022 figures had not undergone a review.

Revenue from capital financing services rose to $14 million in the three months that ended in December, from $12 million a year ago, the company said in a filing to the ADX. Revenue from capital deployment fell to $10 million in the reported quarter from $24 million in the same period in 2022.

The company reported 2023 half-year profit of $34 million compared with $41 million a year earlier.

“This is in line with the total comprehensive income for the previous year as well [and] is driven by a very strong performance across the whole business,” Abbas Rizvi, the company’s chief financial officer, said.

Investcorp Capital began trading on the ADX on November 17 following an initial public offering that raised Dh1.66 billion ($451 million).

Parent company Investcorp recorded strong investor demand, giving the company a market capitalisation of about Dh5.04 billion at the time of listing. At the current stock price, Investcorp Capital is valued at Dh4.56 billion on the ADX.

Investcorp plans further listings of some of its portfolio businesses in the Gulf region, Hazem Ben-Gacem, the company’s co-chief executive, said. “I hope that in the next six to 12 months, we would be in a position to do a further listing of one of our portfolio companies,” he said.