SICO profits up 13pc

SICO, a leading regional asset manager, broker and investment bank announced yesterday its consolidated results for the nine months ended 30 September 2018, reporting a 13 per cent increase in total operating income to BD 8.3 million as compared to the same period in 2017 with growth being driven across all business lines. Nine month net profit came in at BD3.3m, up 13pc compared to the year ago period.

Earnings per share was 8.82 Bahraini fils compared to 7.02 Bahraini fils for the same period in 2017. Total operating expenses, including staff overheads, general administration and other expenses, recorded BD 4.8m for the nine months ended 30 September 2018 as compared to BD4.3m in the same period of 2017.

SICO’s recurring revenues, which comprises fees and commissions based income across its lines of business including asset management, brokerage and investment banking as well as other income, recorded BD 4.5m, up by 20pc as compared to the previous year. This constitutes 49pc of total income for the period.

Meanwhile, SICO net investment income, other interest income and rental income from investment properties recorded BD 4.7m for the nine months 2018 period, up by 12pc compared to the same period last year. For the third quarter, net profit was BD769 thousand. Total net operating income was BD2.3m as compared to BD2.2 m for the same quarter last year.

Earnings per share increased from 1.97 Bahraini fils to 2.08 fils for the third quarter of 2018. On a quarterly basis, operating expenses were BD1.6m in the third quarter of 2018 as compared to BD1.5m in the same quarter last year.