Manama, Bahrain – Infracorp, a leading company specializing in social infrastructure has reported a net profit of $29.8 million in the first nine months of 2023, compared to $21.2 million for the same period in 2022, an increase of 40%. During the third quarter of the current year 2023, the company achieved net profits of $9.2 million, an increase of 19%, compared to $7.7 million in the same period of last year 2022.
Infracorp owns a range of integrated projects and development solutions. Its latest projects, Marina Bay, is considered the most luxurious residential project in Bahrain, with its unique location on Reef Island, comprising of approximately 200 units, including 26 villas. AAP, an international consulting company based in Portugal and Kuwait, has been appointed as the design consultant for Marina Bay.
Infracorp has also completed the new Pearl House project on the eastern side of Bahrain Harbour, offering luxurious freehold apartments. Units in the Chart House project, located on the western side of Bahrain Harbour, have also been successfully handed over, while the company has also completed the Harbour Views residences in Harbour Heights.
Internationally, Infracorp has started the construction of the second phase of the California Village multi-use project in Dubai, United Arab Emirates. The company successfully completed and sold the villas in the first phase, with the second phase witnessing high demand for its luxury residential units.
Infracorp is currently restructuring its industrial portfolio to support its expansion in developing vital industrial infrastructure in Bahrain and the surrounding region. The company is expanding its investment portfolio in the hospitality sector and attracting several international names, including ROKA and Avli by tashas.
“The first 9 months of the current year witnessed significant achievements for the company, with the completion of several iconic projects that reflect Infracorp’s policy in developing smart and modern residential communities in line with contemporary trends,” Majed Al Khan, CEO of Infracorp, said.
“The company will continue its commitment to creating fertile investment ground through its experienced management of infrastructure assets and diverse real estate, while investing in community development, with a focus on high-quality real estate development projects with exceptional and modern architectural styles.” Al Khan added.
