Bahrain-based asset manager Investcorp Capital reported a net profit of $21 million for the fourth quarter of 2023, in its first results following its market debut in November.
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, adding in an earnings call on Monday that its 2022 numbers had not undergone a review.
Revenue from capital financing services grew to $14 million in the three months that ended in December, from $12 million a year ago, Investcorp Capital on Monday said in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
Meanwhile, revenue from capital deployment fell to $10 million in the reported quarter from $24 million in the same period in 2022.
For the second half of 2023, the company reported a 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 demand from local and international investors for the IPO, which gave the company a market capitalisation of about Dh5.04 billion at the time.
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 on Monday.
“The capital markets in the GCC continue to be quite vibrant, and 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.
He said he was “highly” doubtful about pursuing a listing of any of its assets in North America and Europe but added that those regions were picking up on the back of a recovery in debt markets.
“We do see healthy trade and mergers and acquisitions (M&A) transactions in the west and perhaps a bit more public market transactions in the east,” he added.
Private equity firms reported 298 exits last year, marking a 28 per cent decline in volume compared to 2022, according to EY.
At the same time, IPO activity in the US, the world’s largest economy, fell to its lowest level in years amid rising interest rates and a challenging economic outlook, which dampened investor interest.
Investcorp may list its “one last business” in China, Mr Ben-Gacem said, without providing further details.
Last year, Investcorp bought a controlling stake in Shandong Jianuo Electronics (Jianuo) to boost its portfolio in the world’s second-largest economy.
Jianuo, based in Shandong and China’s Greater Bay Area, provides speciality premium components used in high-end applications such as electric vehicle power management, battery charging infrastructure, solar and wind power generation and 5G base station infrastructure.
Investcorp plans to float the company’s shares on the Hong Kong Stock Exchange, but the IPO will “have to take a wait-and-see status” for now, Mr Ben-Gacem said.
“The Hong Kong market is still in perhaps a state of health which is not much different from where Europe is today,” he added.
Hong Kong's economy is expected to grow at a slower pace this year amid challenges from China’s slowdown.
Investcorp Capital will add a new asset class for infrastructure investments, Mr Rizvi said, adding that the company will announce some important infrastructure-related investments in the “next week or two”.
The company expects a “meaningful” level of activity in the private equity, real estate, and infrastructure sectors heading into the second half of 2024, he said.
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Price: Exact regional pricing TBA
War 2
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Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
The specs
AT4 Ultimate, as tested
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Huddersfield Town permanent signings:
- Steve Mounie (striker): signed from Montpellier for £11 million
- Tom Ince (winger): signed from Derby County for £7.7m
- Aaron Mooy (midfielder): signed from Manchester City for £7.7m
- Laurent Depoitre (striker): signed from Porto for £3.4m
- Scott Malone (defender): signed from Fulham for £3.3m
- Zanka (defender): signed from Copenhagen for £2.3m
- Elias Kachunga (winger): signed for Ingolstadt for £1.1m
- Danny WIlliams (midfielder): signed from Reading on a free transfer
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Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
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The stats
Ship name: MSC Bellissima
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Delivery date: February 27, 2019
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More coverage from the Future Forum
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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1,000 Books to Read Before You Die: A Life-Changing List
James Mustich, Workman
EGYPT SQUAD
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Midfielders: Walid Soliman, Abdallah El Said, Mohamed Elneny, Tarek Hamed, Mahmoud “Trezeguet” Hassan, Amr Warda, Nabil Emad
Forwards: Ahmed Ali, Mohamed Salah, Marwan Mohsen, Ahmed "Kouka" Hassan.
