Bahrain-based Securities & Investment Company (SICO)
Bahrain-based Securities & Investment Company (SICO) recorded a consolidated net income of BD 3.5 million for the first three months of 2008, with Assets Under Management reaching BD 257 million.
Securities & Investment Company (SICO) announced yesterday a net profit of BD 3.5 million for the first quarter of this year, a threefold increase when compared to 2007’s first quarter profits of BD 1.1 million.
Total income increased by 243 pct to BD 4.4 million (1Q07: BD 1.8 million) while earnings per share reached Bahrain fils 25, compared to Bahrain fils 8 for the corresponding period last year. Assets under Management increased by 11 pct to BD 257 million from the beginning of the year (4Q07: BD 230 million). Assets Under Custody increased similarly by 11 pct to BD 1.6 billion from BD 1.5 billion at the end of 2007.
Net interest income doubled from over the same period last year to BD 242 thousand (1Q07: BD 121 thousand). Net fee and commission income increased by 39 pct to BD 656 thousand from BD 472 thousand in 1Q07, while Net Investment Income amounted to BD1.8 million compared to BD 842 thousand for the similar period. Brokerage commissions & other Income increased to BD 1.7million (1Q07: BD361 thousand).
Total expenses increased to BD 855 thousand (1Q07: BD 694 thousand) reflecting increased Staff, General and administrative expenses.
Shaikh Mohammed bin Isa Al Khalifa, Chairman of Securities & Investment Company, said, “We are delighted to announce a very healthy performance in the first quarter. Although the first quarter was challenging in respect of the deterioration of the GCC stock markets’ performance, a nascent inflationary spiral that is impacting the overall cost structure for the industry in the region and increased overall competition, all of SICO’s business units made their contribution to these results by focusing on delivering high quality, innovative services as well as seeking out value for our clients. We believe the continued successful execution of SICO’s strategy 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 104.8 million, with shareholders’ equity of BD 42.1 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.