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The Inovest group today announced its financial results for the first half of 2019. The consolidated financial results of this group generate a net profit of 4.29 million USD for its shareholders, against a net profit of 10.16 million USD for the first half of 2018, ¬¬58%. As a result, parent company shareholders' net earnings per share for the first six months of the year amounted to 1.52 US cents, compared with a net profit of 3.59 US cents per share for the same period in 2018. Net operating income decreased by 65%. $ 3.40 million, compared to $ 9.82 million for the first half of 2018. This decrease is attributable to higher operating expenses and lower net revenues from the Group's contracts, a natural reflection of the conclusion and conclusion of a major construction contract with the public authorities. One is the T outlet, which has the same period last year. While total consolidated operating profit decreased by 34% to 9.89 million USD, against 14.90 million USD for the first half of 2018. At the same time, operating expenses increased by 28% to 6%. , 49 million USD in the first half of 2008. 2019 against 5.07 million USD for the same period in 2018. The increase observed in the first quarter of this year is explained by the fact that some of the Expenditure from subcontracted projects was charged to administrative costs until the start of construction work. In terms of financial position, the parent company's total equity decreased by 1% to $ 135.12 million at the end of the second quarter of 2019, compared to $ 136.53 million at the end of 2018 as a result of the dividend distribution to shareholders. Total consolidated badets decreased by 7% during the same period to reach $ 249.32 million compared to $ 266.97 million at the end of 2018. Cash flows represented 18%, from 36.38 million. million USD to 18.7%. An increase of 20%. The positive improvement in cash flow is mainly due to the perception of revenue from the outsourcing and exit activities of certain real estate investments.
Key financial statements for the second quarter of 2019 show net income for shareholders of $ 1.27 million, compared with a net profit of $ 7.18 million in the second quarter, down 82%. For the second quarter of the current year, stands at 0.45 US cents, compared to 2.53 US cents for the same period of 2018, while operating income decreased by 57% to 4.15 million USD , compared with 9.69 million USD for the second quarter of 2018. Gilley profit $ 0.93 million for the second quarter of 2019 compared to the same period last year, an amount of US $ 6.84 million.
In light of these results, "In spite of the economic challenges surrounding the region in general and the difficulties encountered for investment activities in particular, Inovest has been able to maintain and maintain its profitability for the current quarter since 2019 first quarter of 2016, "said Omar Al Mutawa, president of INOVEST. The Group's results for the first half of this year are a positive indicator of our commitment to the process identified and adopted in the last work plan. God be praised for taking the necessary steps to improve the efficiency of the investments held by the group. It is currently in the implementation phase and I hope to be able to bear fruit soon. In terms of new investments, we are adopting one of the investment opportunities planned for the first half of this year. "
Ybader Al Jar, Chief Executive Officer, commented on the results: "The continued growth of key financial indicators of profitability, solvency and liquidity is a clear indication of the Group's commitment to achieving its objectives. compared to the same period last year is mainly due to the exceptional result of construction contracts and the result of one of the investments made the previous year, which is considered as an expected change taking into account the nature of the institutions. The investment and volatility of its indicators during the year.
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