ABG posts Q4, FY23 profits, announces cash dividend

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Al Baraka Group yesterday announced profits for its fourth quarter and twelve months ended 31 December 2023 thanks to the Group’s strong financing and investment activities, despite the ongoing volatility of markets.

Based on this performance, the Board of Directors recommended to the AGM to distribute cash dividends of US$ 0.01 (Bahraini fils 3.77) for each outstanding share (1% from the share capital amounting to US$ 12.4 million), subject to regulatory and AGM approvals.

Q4 results

Fourth quarter net income attributable to shareholders of the parent company was US$17 million, similar to the fourth quarter of 2022.

Earnings per share was US Cents (0.02) compared with US Cents (0.03) in year-earlier quarter.

Net income increased by 14% to US$37m from US$32m in the same quarter a year ago.

Twelve Months results

Full year net income attributable to shareholders of the parent company was US$143.5m in 2023, compared to US$143.1m for the same period in 2022, registering a growth of 0.3%.

This financial stability reflects the Group’s continuity in generating strong financing and investment activities despite the ongoing volatility of markets throughout the year.

Earnings per share remained relatively stable at US Cents 8.94 in 2023 compared with US Cents 9.06 for the same period of 2022.

Total net income was US$283m, compared with US$239m in 2022, up 18%. Total operating income was US$1.140 billion versus US$1.139 bn in year 2022.

Growth in net income was predominantly driven by the increase in income generated by the Group’s Units in Turkey, Jordan and Egypt. Shaikh Abdullah Saleh Kamel, Chairman of ABG, said, “In 2023, the Group achieved a year of prosperity and financial stability in both income and profitability.

We succeeded in tackling numerous obstacles and challenges in the regional and global financial markets, especially with the ongoing currency fluctuations.

Due to our efforts in developing our investments, strategies and digital transformation efforts, we were able to improve our operational framework to deliver a strong financial performance.”

Houssem Ben Haj Amor, Group CEO at ABG, added, “We are proud to announce our strong financial results throughout 2023, which represented a year of structural reorganization and operations growth, despite economic volatility in the markets we operate in.

High profit rates and significant currencies devaluations represented a challenge to our growth; nevertheless, the Group showed resilience thanks to its conservative business approach and strict cost discipline.

Our digitalization initiatives reinforced our growth trend, and although we anticipate continuing challenges in 2024, we remain confident that the Group will be able to maintain and strengthen its financial performance. “