Securities & Investment Company announces a 61% increase in net profit
Bahrain-based Securities & Investment Company (SICO) announced today a net profit of BD5.758 million for the first half of this year, an increase of 61 percent when compared to 2007’s second quarter profits of BD3.581 million.
Total income increased by 52 percent to BD7.620 million (2Q07: BD5.018 million) while earnings per share reached 18 Bahraini fils, a 64 percent increase from 11 Bahraini fils for the same period last year. Assets under Management increased by 23 percent to BD281.618 million (US$ 745 million) from BD229.848 million (US$ 608 million) for the same period last year.
Net interest income grew by 54 percent over the same period last year to BD 504 thousand (2Q07: BD 327 thousand). Brokerage and other income increased by 74 percent to BD2.355 million (2Q07: BD 1.352 million).
Total expenses increased to BD 1.862 million (2Q07: BD 1.437 million) reflecting increased staff, general and administrative expenses. The firm’s total assets were BD 93.018 million, decreasing from December 31, 2007 by 11%.
The firm completed a rights issue at the end of June, with paid up capital increasing to BD 42.346 million, and shareholders capital at mid-year reaching BD61.335. The increase was to accommodate a number of strategic initiatives the firm is undertaking.
Shaikh Mohammed bin Isa Al Khalifa, Chairman of Securities & Investment Company, said, “We are delighted to be able to announce a strong performance in the first half of 2008. SICO’s performance continues to improve and maintain a steady growth on a quarterly basis. We believe that the groundwork has been laid for a robust and sustainable revenue model based on the bank focusing on its core competencies. This groundwork combined with our overall conservative and balanced stance will deliver good growth in the future as well as increasing value to our shareholders.”
Securities & Investment Company is an investment bank offering a selective range of services, including asset management, brokerage, corporate finance and market-making, on a regional basis and with a particular emphasis on Bahrain. SICO was incorporated in Bahrain in 1995 and holds a banking license from the Central Bank of Bahrain.
As of December 31, 2007, SICO reported total assets of BD 104.832 million, with shareholders’ equity of BD 42.106 million. SICO’s shares have been listed on the Bahrain Stock Exchange since May 2003. Securities & Investment Company was the first ‘closed’ company to list on the exchange.
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