BCFC reports BD3.3 million H1 profit

TDT | Manama

The Daily Tribune - www.newsofbahrain.com   

Bahrain Commercial Facilities Company announced its financial result for the three months and six months periods ended 30 June 2024.

Three months

results The Group reported a net profit of BD 1.5 million compared to a net loss during the same period last year of BD 4.4 m, mainly due to lower provisions and credit losses charged during the period of BD 0.4 m compared to BD 5.9 m for the same period last year. Earnings per share amounted to a profit of 8 Fils compared to a loss of 22 Fils for the same period last year.

The Group registered a total comprehensive income of BD 1.3 m compared to a total comprehensive loss of BD 4.1 m for the same period last year.

H1 results During the six months period ended 30 June 2024, the Group achieved a net profit of BD 3.3 m compared to a net loss of BD 5.5 m for the same period last year, mainly due to lower provisions and credit losses charged during the period of BD 0.5 m compared to BD 10 m for the same period last year.

Earnings per share amounted to a profit of 17 Fils compared to a loss of 27 Fils for the same period last year.

Total comprehensive income was BD 3.2 m compared to a total comprehensive loss of BD 5.7 m for the same period last year. Total liabilities reached BD 114.2 m as of 30 June 2024, 3% lower than 31 December 2023 of BD 118.3 m.

Abdulrahman Fakhro, the Chairman of Bahrain Commercial Facilities Company (BCFC), expressed his appreciation for the Group results and stated: “The majority of our business segments have delivered positive performances, highlighting the synergy within our diversified portfolio.

These successes are a testament of our enduring presence in the market and our potential for sustained growth. We have confidence in our business model and are enthusiastic about the promising future that lies ahead for our Group. We remain focused on creating shareholder value and capitalizing on future opportunities.”

Mr. Abdulla Bukhowa, the Chief Executive Officer of Bahrain Commercial Facilities Company (BCFC), stated, “I am encouraged with the Group’s results during the six month period, reflecting a healthy financial performance despite a challenging macroeconomic environment, and persistently high interest rates.

These results underscore the Group’s resilience and capability to overcome current challenges, positioning it strongly for future growth and the ability to seize upcoming opportunities.

New loan origination witnessed robust growth compared to the same period last year, driven by the efforts and commitment of the team and the introduction of new products such as residential mortgage loans and the award-winning digital application (Sahel), as well as inaugurating a new branch at a prime location in the Kingdom of Bahrain.

These business initiatives have been essential in meeting our customers’ diverse needs and have significantly contributed to our business expansion.”