Manama: Oasis Capital, a Bahrain-based investment firm, yesterday reported net income of $51.2 million for last year.
This equates to a nearly four-time increase over $13.2m achieved in the prior year.
The company’s board of directors has proposed a higher dividend of 34 per cent per share, which equates to $31m.
Other operating income consisted of dividends and asset management fees of $2.3m and interest income of $1.6m from deployment of excess funds in highly rated and liquid financial assets.
The increase in profitability resulted from successful exits from three direct investments.
The aggregate realisation proceeds during the year amounted to $134m, from the sale of two direct private equity investments and one real estate investment, each achieving double-digit internal rate of return (IRRs).
Chairman Shaikh Mohamed bin Isa Al Khalifa said the strategy to “prudently manage the existing investments in order to preserve and enhance their value has been very successful”.
Chief executive Dr Farid Al Mulla said the “excellent financial performance marked the culmination of careful management of the company’s investments and their liquidation at optimal value, against the backdrop of challenging market conditions”.
He said the strong financial position allowed the company to distribute higher dividends to shareholders, which was “an appropriate reward for the confidence bestowed upon us to deliver results in difficult times”.
“Going forward, the plans are to leverage OC’s track record and long-standing relationships with various partners and continue to look for suitable deployment opportunities in selective markets,” Dr Al Mulla added.
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