Mubasher: Inovest has successfully adjusted its expenses, reduced financing costs and enhanced liquidity over the past year by divesting some assets, according the company’s Chairman Khaled Al Sanousi
Collecting accounts receivables during 2015 led to liquidity rise at the group’s level by 371% to reach $40.4 million by the end of 2015, compared to $8.6 million at the end of 2014, he added.
The group eased accumulated burden by exiting from investments and assets, headed by exiting two real estate funds managed by the group at $30 million, in addition to selling a stake in a real estate company at $7.8 million, according to CEO, Murad Al Ramadan.
Inovest achieved annual losses $53.7 million in FY15, compared to $3.8 million in FY14.
Sanousi added that the group made early repayment of some of its financial liabilities which led to reducing its balance by 34%. He expected also more decline in bank funds by 25% over the next year.
The annual statement revealed that liabilities by the end of 2015 rose to $23.9 million, compared to $36 million by the end of 2014.
Meanwhile, accounts receivable balance fell by 17.3%.
The total balance of the company’s operating expenses by the end of FY15 reached $11.2 million, compared to $12.7 million by the end of FY14.
