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.
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Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
UAE currency: the story behind the money in your pockets
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
UAE currency: the story behind the money in your pockets
The years Ramadan fell in May
Read more about the coronavirus
UAE currency: the story behind the money in your pockets
KILLING OF QASSEM SULEIMANI
Killing of Qassem Suleimani
More on Quran memorisation:
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UAE currency: the story behind the money in your pockets
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Virtual banks explained
What is a virtual bank?
The Hong Kong Monetary Authority defines it as a bank that delivers services through the internet or other electronic channels instead of physical branches. That means not only facilitating payments but accepting deposits and making loans, just like traditional ones. Other terms used interchangeably include digital or digital-only banks or neobanks. By contrast, so-called digital wallets or e-wallets such as Apple Pay, PayPal or Google Pay usually serve as intermediaries between a consumer’s traditional account or credit card and a merchant, usually via a smartphone or computer.
What’s the draw in Asia?
Hundreds of millions of people under-served by traditional institutions, for one thing. In China, India and elsewhere, digital wallets such as Alipay, WeChat Pay and Paytm have already become ubiquitous, offering millions of people an easy way to store and spend their money via mobile phone. Indonesia, Vietnam and the Philippines are also among the world’s biggest under-banked countries; together they have almost half a billion people.
Is Hong Kong short of banks?
No, but the city is among the most cash-reliant major economies, leaving room for newcomers to disrupt the entrenched industry. Ant Financial, an Alibaba Group Holding affiliate that runs Alipay and MYBank, and Tencent Holdings, the company behind WeBank and WeChat Pay, are among the owners of the eight ventures licensed to create virtual banks in Hong Kong, with operations expected to start as early as the end of the year.
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Persuasion
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
KILLING OF QASSEM SULEIMANI
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World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
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Mohammed bin Zayed Majlis
