DUBAI (Reuters) – Bahrain-based investment bank Investcorp, the country’s third-largest company by market value, posted a near tripling of second-half net profit on Tuesday.
The company’s profit in the six months to June 30 surged 180 percent to $222.49 million, from $79.46 million, according to a Reuters calculation.
Full-year profit for the 2006/07 fiscal year more than doubled to $302.3 million, a spokesman for the bank, who did not want to be identified, said. He declined to give further details.
The company, whose fiscal year ends June 30, made $130.8 million in fiscal 2005/06, according to Reuters data.
Investcorp, which has focused on investing Gulf Arab wealth in the West, is offering its shareholders a dividend of $75 per share, 50 percent more than in the previous fiscal year, the official said.
The firm manages $10 billion in assets. In June, it said it raised $620 million for its first private equity fund for investors outside the Gulf Arab region.
Investcrop acquired nine U.S. hotels for $50 million, including Marriott and Hilton Properties, in June.
Earlier this month, the firm said it would develop an $875 million real estate project near Seattle, Washington, with U.S. developer Schnitzer West.