Asset manager Investcorp Capital reported a 7 per cent decline in its net profit for the fiscal year ended June 30 on lower interest income, although revenue from capital financing rose during the period.
Net profit reached $105 million, the company said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
While interest income fell more than 22 per cent year-on-year to $7 million, revenue from capital financing services rose nearly 9 per cent to $49 million and revenue from capital deployment rose 5.5 per cent to $76 million.
The company has delivered “a strong inaugural set of full-year results since our listing in November 2023”, Mohammed Alardhi, chairman of Investcorp Capital, said.
“During the period, we have paid our dividend distribution in line with our commitment to investors and have expanded into the infrastructure asset class, as seen through our redevelopment project at New York’s JFK International Airport Terminal 6.”
Investcorp Capital, a unit of Mubadala Investment Company-backed Investcorp, approved $115 million in dividends for the year, of which $60 million have been paid, representing an annualised return of 13 per cent for public shareholders since its listing last year, according to the statement.
Investcorp Capital began trading on the ADX on November 17 following an initial public offering that raised Dh1.66 billion ($451 million) with strong demand from local and international investors.
The company has invested more than $263 million across its asset classes and geographies during the last financial year, it said on Tuesday. This includes $158 million in corporate investments, $72 million in global credit, $24 million in real estate and $9 million in strategic capital.
It has also invested $883 million in capital financing services during the period.
This year, the company agreed to invest in the $4.2 billion redevelopment of New York’s JFK International Airport’s Terminal 6 through its newly formed partnership with Corsair Capital – Investcorp Corsair Infrastructure Partners.
The airport redevelopment plan will replace Terminal 7, delivering a 1.2 million-square-foot terminal including 10 gates with waiting areas in addition to more than 100,000 square feet of commercial amenities, airline lounges, and two AirTrain stations.
“Our balance sheet continues to be robust and well diversified, with 70 per cent invested in cash-generating assets,” Rohit Nanda, chief financial officer of Investcorp Capital, said.
The financial results come as parent company Investcorp, which has $52 billion in assets under management, announced changes to its leadership last week as it embarks on the next phase of its growth.
As part of the reshuffle, the company is handing over more control to Mr Alardhi as Hazem Ben-Gacem, the co-chief executive of the company, will be leaving after three decades from November 1.
Rishi Kapoor, who was co-chief executive, has been appointed as vice chairman and chief investment officer.
Killing of Qassem Suleimani
Torbal Rayeh Wa Jayeh
Starring: Ali El Ghoureir, Khalil El Roumeithy, Mostafa Abo Seria
Stars: 3
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
THREE
%3Cp%3EDirector%3A%20Nayla%20Al%20Khaja%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Jefferson%20Hall%2C%20Faten%20Ahmed%2C%20Noura%20Alabed%2C%20Saud%20Alzarooni%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Manchester United's summer dealings
In
Victor Lindelof (Benfica) £30.7 million
Romelu Lukaku (Everton) £75 million
Nemanja Matic (Chelsea) £40 million
Out
Zlatan Ibrahimovic Released
Wayne Rooney (Everton) Free transfer
Adnan Januzaj (Real Sociedad) £9.8 million
Voy!%20Voy!%20Voy!
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Omar%20Hilal%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Muhammad%20Farrag%2C%20Bayoumi%20Fouad%2C%20Nelly%20Karim%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
More on Quran memorisation:
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
More from Neighbourhood Watch
Killing of Qassem Suleimani
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
More on Quran memorisation:
Sri Lanka Test squad:
Dimuth Karunaratne (stand-in captain), Niroshan Dickwella (vice captain), Lahiru Thirimanne, Kaushal Silva, Kusal Mendis, Kusal Janith Perera, Milinda Siriwardana, Dhananjaya de Silva, Oshada Fernando, Angelo Perera, Suranga Lakmal, Kasun Rajitha, Vishwa Fernando, Chamika Karunaratne, Mohamed Shiraz, Lakshan Sandakan and Lasith Embuldeniya.
Concrete and Gold
Foo Fighters
RCA records
The%20Mandalorian%20season%203%20episode%201
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERick%20Famuyiwa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EPedro%20Pascal%20and%20Katee%20Sackhoff%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%C2%A0%3C%2Fp%3E%0A
Mohammed bin Zayed Majlis
