MANAMA, 18 July 2004 — Investcorp, the global investment group, yesterday announced a net profit for the fiscal year ended June 30 of $90.1 million, representing an increase of 20 percent over the prior fiscal period.
Investcorp’s board of directors has recommended a dividend payment of $40 million on ordinary shares, maintaining the level paid in 2003. Additionally, a dividend at the prescribed rate of ten percent per annum will be paid on Investcorp’s preference share capital. Total assets at June 30, 2004 were $4.1 billion and total shareholders’ funds were $1.2 billion, according to a press note.
Net income before provisions was $131.6 million. The firm also allocated $41.4 million in provisions from unrealized gains of $45.7 million that were earned in fiscal 2004 through the adoption of revised accounting standards issued by the International Accounting Standards Board in December 2003. Investcorp’s President and Chief Executive Officer Nemir A. Kirdar said “Investcorp had another excellent performance in fiscal 2004. It has been a year of many achievements, and these results are evidence of the strength of our business model and of our franchise in the Gulf.
“We now have four strong and complementary lines of business that enable us to meet our clients’ demands to invest in a range of alternative assets, all of which meet the high quality standards they expect from the Investcorp brand.”