Investcorp Bank, the Bahrain-based alternative investment firm managing US$10.5 billion, plans to double its dividend after full-year profit climbed 56 per cent amid a jump in fee income.
The board recommended paying $15 a share for the financial year ending June 30, compared with $7.50 a year earlier, as well as a 12 percent dividend on preference shares, the company said Tuesday in a statement. Full-year profit advanced to $104.9 million from $67.4m a year earlier as fees from managing investment deals more than doubled to $193.4m, it said.
The dividend "is not a one-off," chief financial officer Rishi Kapoor said in Dubai. "We feel that we are on a good trajectory to continue to certainly maintain that higher level of dividend and potentially even grow it." Investcorp, which invests in private equity, funds of hedge funds and property, paid clients and itself $2.1bn last year after asset sales. It completed eight new deals, such as buying a controlling stake in oil and gas services provider Hydrasun in a deal valued at as much as $300m.
The company raised $1.5bn for investments from clients during the year, more than double that of the previous year and the highest since the 2008 financial crisis, according to the statement. That included $844m of investments from institutional investors in hedge funds.
* Bloomberg News
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
THE 12 BREAKAWAY CLUBS
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
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Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
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THE%20SPECS
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Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
OIL PLEDGE
At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.