Investment Dar profit up by a third

Investment Dar acquired half of British luxury maker Aston Martin this year.

Kuwait's Investment Dar, the Islamic investor that bought half of British luxury maker Aston Martin this year, reported a 33% increase in third-quarter net profit.

Net profit in first nine months rose to 122.1 million dinars ($441.3 million) from 73.7 million dinars in the same period a year ago, the firm said in a statement on the stock exchange website.

Analysts at Global Investment House had expected a net profit of 29.75 million dinars, according to a Reuters survey last month.

The company, which has been expanding abroad, did not say why profit rose. It usually releases a detailed statement later.

Investment Dar, which invests in companies that comply with Islamic law, said revenues rose to 188.2 million dinars in the first nine months compared with 118.9 million dinars in the year-earlier period, according to a newspaper advertisement.

Assets grew to 1.293 billion dinars at the end of September compared with 959 million dinars a year earlier. Return on assets was 10.4%, Dar said in the advertisement carried by Kuwaiti papers.

Shareholders equity rose to 399.6 million dinars in the first nine months from 310.5 million dinars in the year-earlier period.

Return on equity rose to 34.5% in the nine months, from 26.5% in the first half.

Earnings per share rose to 161.6 fils in the first nine months compared with 113.1 fils in the same period a year ago, Dar said. There are 1,000 fils to the dinar.

Last week, Al-Alam Al-Yawm newspaper quoted Investment Dar Chairman Adnan Al-Musallam as saying the firm expected a record profit in 2007 and 2008.

Investment Dar wants to set up a British unit next year to offer advisory services for Gulf investors doing business in London, which the British government wants to turn into a centre of Islamic finance, Musallam said on October 25.

Europe remains a key market for Dar's expansion plans, but the company is not considering major deals after buying half of luxury car-maker Aston Martin this year and properties including London's Grosvenor House Hotel, he said.

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