Bahrain-based Investcorp has revealed net profits for the fiscal year 2021 (FY21) of $124 million, turning round a $165m loss, which was reported over the previous 12 months.
The global investment manager, which counts Abu Dhabi sovereign wealth fund Mubadala Development Co. as a major investor, also announced a 17 percent increase in assets under management (AUM) to a record high of $37.6 billion in FY21, attributing its diversification strategy for the growth.
According to an official statement from the company, results were driven by good levels of activity across the core businesses of private equity, real estate, credit management and absolute return investments.
Mohammed Alardhi, executive chairman at Investcorp.
Mohammed Alardhi, executive chairman at Investcorp, said: “We are delighted to report strong financial and operational performance in what has been an incredibly challenging period for businesses globally. Whilst the coronavirus pandemic continues to present significant headwinds for many, we are making good progress on our growth journey and diversifying our investor, product and geographic base, which has not only helped us weather the pandemic but emerge from it in a robust position, well placed for our future long-term plan.”
Investcorp continues to make significant progress on a number of its key strategic initiatives, with its expansion into Asia being well underway. A total of 11 new private equity investments were made during the year across India, China and Southeast Asia. Its AUM in Asia increased by 17 percent to $1.1bn during FY21, compared $900m in FY20.
Earlier this year, Investcorp announced its intention to delist from the Bahrain Bourse, after almost four decades, which was finalised in July. The firm is currently in the process of converting into a closed shareholding company.
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