Investate posts H1 net profit of $16m

MANAMA - Investate Realty B.S.C. (c), announced its financial results for the first half of its financial year ending June 30, 2008, with the company posting a record revenue of $22.1 million and an impressive net profit of $16.1 million which translates to a 30 per cent annualised return on paid up capital.

By (By a staff reporter)

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Published: Mon 21 Jul 2008, 11:46 PM

Last updated: Sun 5 Apr 2015, 12:55 PM

The half-year results were approved by Investate's Board of Directors in its meeting held on July 17 at the Ritz Carlton Hotel in Bahrain.

Investate concluded two new real estate investments in the first half of the year. The first being the acquisition of a prime land in the Bahrain Financial Harbour District, in Manama, Bahrain where Investate plans to carry out a $410 million high end mixed use residential development. The second was the acquisition of a 4.5 acre prime waterfront property in London, where Investate plans to carry out a $750 million mixed use development comprising high end residential units, a five star hotel and retail space surrounding the onsite marina.

Investate plans to launch both the developments to high net worth individuals internationally and capitalise on Bahrain's position as an International Islamic Financial Hub and London's position as a Global Financial Centre.

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