Dubai -- Investcorp expects its business to sail through the volatility in global and local markets, its co-chief executive said yesterday after the alternative investment fund posted a 13 per cent increase in full-year net income. Gulf investors are still looking to deploy their
Dubai
--
Investcorp expects its business to sail through the volatility in global and local markets, its co-chief executive said yesterday after the alternative investment fund posted a 13 per cent increase in full-year net income.
Gulf investors are still looking to deploy their existing wealth into new investments, especially to diversify outside of the region, Rishi Kapoor told reporters on a conference call.
The Bahrain-based firm’s net income for the 12 months to June 30 was $116.7 million, up from $103.1m a year earlier, according to a bourse statement, with a return on equity of 16pc - in line with the previous year.
It was boosted by earnings from its investments, including exits of which the most prominent was Berlin Packaging, but tempered by a 68.7pc drop in hedge fund income.
Fully diluted annual earnings per share jumped 70pc over the same time period to $129 per ordinary share, which Kapoor attributed to higher income and Investcorp buying back preference shares.
Investcorp said its board had proposed paying a dividend of $15 per ordinary share, matching the previous year’s payout.
