LONDON (Alliance News) - Rasmala PLC said on Friday it had recorded a narrowed annual loss due as income more than tripled, while assets under management passed the GBP1 billion mark.
The asset management company, formerly known as European Islamic Investment Bank, narrowed its pretax loss for 2017 to GBP1.4 million from GBP8.1 million in 2016, caused by a rise in operating income to GBP12.1 million from GBP3.6 million.
Rasmala's assets under management close to doubled, rising to GBP1.34 billion from GBP775 million. Net asset value per share increased 34% to 396.18 pence from 295.96p.
The company said the recovery of oil prices and "easing of fiscal austerity" is likely to increase risk-taking among investors. As a result, Rasmala is now in "growth mode" and looking for expansion opportunities.
Shares in Rasmala ended 3.9% lower on Friday at 137.00p.