MANAMA, 16 July 2003 — Bahrain-based global investment bank Investcorp said yesterday it posted a net profit of $75.1 million in the 18 months which ended on June 30, 2003. A bank statement said it had changed its fiscal year-end to June 30 from Dec. 31.
The statement said its board had recommended cash dividends of $40 million on ordinary shares. Additionally, a dividend at the prescribed rate of 10 percent per annum will be paid on Investcorp’s preference share capital, it added.
“Against a background of highly depressed global market conditions and a war in the Gulf, Investcorp has had an excellent performance in fiscal 2003,” President and Chief Executive Nemir Kirdar said. Shareholders’ funds stood at $1.5 billion, and total assets $3.8 billion at end-June 2003.
