Esterad Reports a 23% Increase in Net Profit Attributable to Shareholders for the First Half of 2024
Esterad Investment Co. BSC (“ Esterad ” or “the Company ”) (Trading Code: ESTERAD ) today announced its financial results for the second quarter of 2024 (“the quarter”) and first half of the year (“the period”) ending June 30, 2024.
Net profit attributable to shareholders was BD885,853 for the second quarter compared to BD712,169 for the second quarter of 2023, an increase of 24%. Enhanced profits were a result of fees generated from the Company's investment activities and growth in returns from its real estate and private equity portfolios. Earnings per share for the quarter was 5.8 fils compared with 5.1 fils in the second quarter of last year.
Total comprehensive income attributable to shareholders amounted to BD 290,269 in the second quarter of 2024 compared with BD501,446 in the second quarter of last year, a decrease of 42%. Total income for the second quarter was BD 2,716,940 compared to BD 1,059,078 in the second quarter of 2023, up 157%. The significant increase resulted from income generated from key assets within the Company's recently acquired diversified global private equity and real estate portfolio, and fees generated from Esterad Bank.
For the six-month period, Esterad reported net profit attributable to shareholders of BD 1,321,646 compared to BD 1,074,357 in the prior-year period, an increase of 23%. Earnings per share for the first half of 2024 was 8.6 fils compared with 7.7 fils in the first half of 2023. Total comprehensive income attributable to shareholders amounted to BD 855,310 for the period, an increase of 78%, compared with BD 479,362 for the corresponding period of 2023. Total income for the six-month period was BD 4,694,745 compared to BD 1,808,111 in the first six months of 2023, up 160%.
Total equity attributable to shareholders at 30 June 2024 was BD 38,856,170 versus BD 40,198,706 at 31 December 2023, a decrease of 3% related to the significant 20% dividend distributed by the Company for 2023. Total assets increased by 2% to BD 121,987,967 at 30 June 2024 compared to BD 119,858,511 at 31 December 2023.