Dubai: Bahrain-based Investcorp on Tuesday reported a 56 per cent rise in net profit for its 2013 fiscal year as the investment firm made more fees from buying and selling assets. Investcorp’s net profit for the full year ending June 30 surged to $104.9 million (Dh385.3 million) from $67.4 million in the previous year.
“This result reflects a notable increase in investment and placement activity driven by continued demand from clients in the Gulf for alternative investments,” the company said.
During the period, Investcorp’s fee income grew 40 per cent to $329.5 million mostly because its deal activity fees doubled to $193.4 million. Investcorp’s corporate investment acquisitions amounted to $653 million, while it generated $2.1 billion in proceeds from sales and distributions.
Investcorp acquired several companies in the past year, including FishNet Security, Orka Group and Hydrasun. It expects to announce more regional investments in the coming months, chief financial officer Rishi Kapoor said.
