Marfin profits up six times(3)

The newly independent Marfin Investment Group has followed its €5 billion fundraising success with strong first half results, although its figures were strengthened by the sale of its banking assets to its former parent.

Greek firm Marfin Investment Group’s profits rose by nearly six times to €366.2 million ($500 million) in the first half compared to the same period in 2006.

Just over a quarter of this, €99.3 million, came from the group’s operations. However the results were strengthened by the €267.9 million disposal of the group’s banking assets to former parent Marfin Popular Bank in May, as part of a restructuring programme.
 
This figure, which corresponds to a 28.7 percent return on assets, is a 388 percent rise on last year.

The group shot to prominence after it raised a €5.19 billion pool of capital in July, becoming the world’s biggest listed private equity fund. The group is targeting opportunities in south-eastern Europe.

Over the past nine years, in addition to its activities in the banking sector, Marfin Investment Group has successfully made investments across various industries, including IT, healthcare, shipping, leisure and entertainment.

Marfin Investment Group’s executive vice chairman Andreas Vgenopoulos said in a statement: “Already operating trends evidenced in H1 07 set the pace for the group to command a strong operating performance during 2007, which should allow for a generous dividend distribution policy.”

Separately, Marfin is meeting on 12 September to plan the group’s aid contributions following the fires that have swept through Greece in recent weeks.