Solidarity Bahrain net soars 1200pc

Manama : Solidarity Bahrain, a subsidiary of Solidarity Group Holding, has announced a net profit of BD1.16 million for the six-month period ended June 30, 2018 against BD89,000 recorded for the corresponding previous period, representing 1200 per cent increase. For the second quarter of 2018, Solidarity recorded a net profit of BD593,000 compared to a net loss of BD166,000 for the corresponding period in the previous year, representing 457pc increase. The increase in the net profits is mainly due to the improvement in loss and claims ratio and investment income in the second quarter of 2018.

Solidarity has registered gross premium of BD15.13 million compared to BD7.37 million for the corresponding previous period, an increase of 105pc. Solidarity Bahrain has also reported net policyholders surplus of BD 23,000. The earring per share have also increased to 9.65 fils for the six month period compared to 1.44 fils for the corresponding previous period, and for the second quarter of 2018, the earring per share is 4.94 fils compared to (2.68) fils for the same period in the  previous year.

The shareholders’ equity as at 30th June 2018 is BD 24.81 million as compared to BD 23.51 million as at 31st December 2017, representing 5.56pc increase and total asset as at 30th June 2018 is BD 68.78 million as compared to BD 65.70 million as at 31st December 2017, representing 4.69pc increase.