Bahrain Investcorp annual profits surge 56 percent

Bahrain company Investcorp reported a 56 percent increase in its full year income. (File photo: AFP)

Bahraini provider of alternative investment products, Investcorp, reported a 56 percent increase in its full year income, Reuters news agency reported on Tuesday.

Investcorp expects to solely invest its $1 billion Gulf fund in 2013. It has made a net profit of $104.9 million during its 2013 fiscal year, which ended in June, compared with $67.4 million in the previous year, added Reuters.

Investcorp’s U.S. based Hedge Fund business formed a strategic partnerships with Kortright Capital Partners, a New York-based investment manager, where the latter provides Investorp and its investors with access to a specialized event equity strategy, according to press release posted on PR Newswire, part of London-based UBM plc media company.

However, the rise in net income is mainly aided by strong growth in free income, which rose 40 percent reaching $329.6m, Reuters cited Investcorp as telling the media in Dubai.

Investcorp announced its sponsorship of the ‘Banks in Bahrain Reception’, an event that is hosted by the Bahrain Association of Banks and held in conjunction with the IMF and World Bank Annual Meetings, reported AME info.

Last Update: Wednesday, 20 May 2020 KSA 09:41 - GMT 06:41