At a Glance

Headquartered in the Kingdom of Bahrain with a growing regional presence and on-the-ground presence in the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE), SICO has a well-established track record as a trusted regional bank offering a comprehensive suite of financial solutions, including asset management, brokerage, market making, investment banking, advisory, treasury, and securities services, backed by a robust and experienced research team that provides regional insight and analysis of more than 90% of the region’s major equities.

6.0

USD
BN

AUM

Assets Under Management

3 Countries

With On the Ground Presence

#1 Broker

On the Bahrain Bourse

Top 10

Asset Manager in the GCC

Our Regional Footprint

Bahrain

Where Our Journey Began

At the center of our strategic operations, the financial landscape of Bahrain unfolds as a dynamic hub with a diverse array of financial activities, complemented by a well-established regulatory framework.

Saudi Arabia

Nurturing Growth in the Region’s Fastest Growing Market

Saudi Arabia’s financial arena has been undergoing a transformative shift, with a continued focus on expanding capital market activities.

UAE

Sustaining Momentum and Expanding Horizons

The United Arab Emirates, with its dynamic financial landscape, serves as a beacon of innovation and growth in the GCC.

Chairman’s Note

Abdulla Ahmed Kamal

At SICO, we remained focused on organic growth and leveraging our strengths in our core business segments, a strategy that has served us well even during challenging times. Over the past year, our unwavering commitment to operational excellence and a disciplined investment approach continued to propel us towards our overarching goals and substantially increase our assets under management irrespective of prevailing market conditions.

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Our Business Lines

SICO Asset Management experienced significant growth in AUMs in 2023, reaching USD 6.0 million by year-end, marking a 25% increase from 2022.
The division's portfolio became more diversified with increased exposure to alternative investment products, driven by a heightened demand for money-market products.
Despite market volatility, SICO preserved client returns and strategically adjusted investment compositions to capitalize on potential gains, outperforming market indexes and receiving recognition for its Sovereign & Quasi Sovereign Fixed Income Strategy at the Bonds, Loans & Sukuk Middle East Awards 2023.
SICO expanded its product offerings, launching FlexiSavings with Beyon Money and introducing the Elzaad Sukuk Fund in partnership with Wafra Kuwait, further solidifying its presence and positioning in both regional and international markets.

Brokerage

SICO Brokerage maintained its dominant position in Bahrain's market with a 47.2% share, aiming to rank among the top three brokers regionally in its 25th year.
Responding to challenges in the equity market, SICO Brokerage successfully transitioned its strategy towards fixed income investments, particularly Bahrain treasuries offering zero-risk and attractive rates of 6.4%.
SICO Brokerage continued to enhance its SICO LIVE online trading platform, prioritizing a seamless digital client experience, and potential expansion into Saudi Arabia.

Investment Banking

Successful completion of diverse transactions including the sale of Esterad stake, Dallah Al Baraka's exit offer, and Al Jazeera Tourism Company's resort sale.
SICO Capital acted as the receiving agent for the Osool and Bakheet Investment IPO on the Saudi Parallel Market, Nomu, which marked the team’s first such transaction in the Saudi market.
Launch and expansion of the SICO Employee Savings Scheme (ESS) targeting both internal staff and broader market, emphasizing global market diversification and innovative multi-employer trust structure.

Research

The highly regarded Top-20 Portfolio, comprising 20 diversified GCC stocks, outperformed its benchmark, the S&P GCC Index, by 15.3% in the second half of 2023, returning 25.7% despite overall market volatility.
SICO Research conducted its third annual investor return assessment survey, expanding its respondent pool to 190 participants, aiming to provide empirical data and analysis on regional investor sentiment and expectations, including attitudes toward different asset classes such as cryptocurrency.

Market Making

BLF maintained its position as an active participant and liquidity provider on the BHB, representing 28.4% of the total ADTV in 2023 compared to 36% in 2022.
The BLF generated a return of 3.1% in 2023, including cash dividends distributed to the Fund’s unitholders, showcasing its role as a significant liquidity provider during market volatility.

Securities Services

SICO offers tailor-made middle- and back-office services to meet the evolving needs of a diverse client base, including emerging and established players across the region, with solutions covering pre- and post-trade execution.
New value-added services introduced by SICO for asset managers encompass middle office and performance analytics for public and private funds across all asset classes, including unit holder dealing, investment manager factsheets, and customized front to back-office reporting.

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CEO’s Note

Najla M. Al Shirawi

Every business, large or small, goes through inflection points. These are periodic windows of opportunity in a company’s evolution where one can pause, reflect, and examine the journey. Inflection points are a time to remember where the business started, to look at what the business has achieved, and to strategize on where the business hopes to go next.

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Our Strategy

Our Vision 2025 Strategy focuses on achieving organic growth by leveraging our core strengths in new markets, introducing new offerings in our existing markets, and pursuing inorganic growth opportunities.

Vision 2025

Group Structure

Central to our revamped organizational framework is the adoption of a comprehensive group-wide organization structure and strategy.

Regional Positioning

SICO is committed to further enhancing our strategic positioning as a regional financial firm to achieve our vision to be the region’s partner of choice for innovative and reliable investment solutions.

Digital Transformation

In the pursuit of embracing the digital era and driving innovation, our organization has embarked on a series of transformative initiatives as part of our digital transformation journey.

Integrating ESG

SICO has prioritized the integration of Environmental, Social, and Governance (ESG) principles into all aspects of its operations.

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The Year in Numbers

Our robust balance sheet, enhanced risk management framework, focus on organic growth across business lines, and balanced approach to digitization were all catalysts that led to a positive financial performance.

Net Profit

4.4

BD/MN

Net Investment Income

4.44

BD/MN

Net Interest Income

3.59

BD/MN

Brokerage Income

1.64

BD/MN

Asset Management & Other Fee Income

7.71

BD/MN

Investment Banking Income

0.42

BD/MN

Other Income

0.49

BD/MN

Revenues

Total Revenues (BD Million)

18.3

2023

14.4

2022

17.7

2021

Sustainable Income (BD Million)

9.4

2021

10.8

2022

12.5

2023

Shareholders

Earnings per Share (Fils)

15.96

2021

8.45

2022

10.70

2023

Dividends per Share (Fils)

2021

2022

2023

Shareholder’s Equity (BD Million)

70.5

2023

70.0

2022

70.8

2021

Returns

Return on Average Equity

10%

2021

2022

2023

Assets

Total Assets (BD Million)

389.9

2023

280.0

2022

263.5

2021

Assets Under Management (BD Billion)

1.9

2023

1.6

2022

1.5

2021

Assets Under Custody (BD Billion)

3.3

2023

3.1

2022

3.0

2021

Making an Impact

SICO takes pride in being an ethical organization that prioritizes diversity, inclusion, environmental sustainability, and sound corporate governance through its decision-making process and operations. Furthermore, we are strong supporters of developing the communities where we operate.

Environment

Minimize carbon footprint and integrate environmental awareness into our operations in line with Bahrain’s commitment to net zero carbon emissions in 2060.

Social

Investing in human capital by focusing on women’s empowerment, diversity and inclusion, education, and access to employment

Governance

Adhering to the highest standards of Corporate Governance and ensuring oversight of ESG integration into the investment process

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TRANSFORMING

At a Glance

Our Regional Footprint

Bahrain

Saudi Arabia

UAE

Chairman’s Note

Abdulla Ahmed Kamal

Our Business Lines

Asset Management

Brokerage

Investment Banking

Research

Market Making

Securities Services

CEO’s Note

Najla M. Al Shirawi

Our Strategy

Group Structure

Regional Positioning

Digital Transformation

Integrating ESG

The Year in Numbers

Revenues

Shareholders

Returns

Assets

Making an Impact

Environment

Social

Governance