SICO Reports BD 3.2 million (USD 8.4 million) Net Profit Attributable to Shareholders for the First Half of 2024, a 95% Increase from the Previous Year
12/08/2024Manama, Kingdom of Bahrain – 12 August 2024 SICO BSC (c), licensed as a conventional
wholesale bank by the Central Bank of Bahrain “CBB”, announced today its consolidated results for
the second quarter and six months ended 30 June 2024.
Total operating income for the second quarter of 2024 increased by 14% to BD 4.9 million (USD 13.0 million) as compared to BD 4.3 million (USD 11.4 million) achieved in the same period of the previous year.
of 2024 compared to 3.87 Bahraini fils for the same period of 2023. SICO reported total comprehensive income attributable to shareholders of BD 3.0 million (USD 8.0 million) for the first half of 2024, as compared to a total comprehensive income of BD 1.6 million (USD 4.3 million) booked in the first six months of 2023, representing an increase of 86%.
Total equity attributed to shareholders increased by 1.2% to BD 71.3 million (USD 189.1 million) as of 30 June 2024 compared to BD 70.5 million (USD 187.0 million) recorded at year-end 2023, noting that a dividend of BD 2.1 million (USD 5.7 million) was paid to the equity shareholders for the year 2023, during the first quarter of 2024, while total assets grew by 3% to BD 400.4 million (USD 1.1 billion) as 30 June 2024 compared to BD 389.9 million recorded at year-end 2023
SICO’s net fee income recorded BD 4.8 million (USD 12.7 million), a 50% increase from BD 3.2 million (USD 8.5 million) achieved in the first half of 2023. Furthermore, brokerage and other income came in at BD 2.0 million (USD 5.3 million) for the first half of 2024, a 93% jump from the BD 1.0 million (USD 2.8 million) recorded in the first half of 2023. Meanwhile, net investment income stood at BD 1.4 million (USD 3.8 million) in the first six months of 2024 declining by 37% compared to BD 2.3 million (USD 6.0 million) last year, primarily due to the negative performance of the regional equities portfolio.
On a gross basis (including leverage) SICO’s assets under management (AUMs) rose 6% to BD 2.4 billion (USD 6.3 billion) in the first half of the year compared to BD 2.3 billion (USD 6.0 billion) at year-end 2023. The growth in AUMs was driven by expansion in client base together with additional inflow from existing clients across asset classes.
Chairman of the Board of SICO, Mr. Abdulla Kamal, commented on SICO’s second quarter performance, saying, “We are pleased with SICO's robust performance in the first half of 2024, reflecting our strategic plans that ensure our resilience in the face of market fluctuations. Our ability to deliver consistent growth and value to our shareholders underscores the strength of our business model and our commitment to excellence. Building on SICO’s continuous success, we remain focused on capitalizing on market opportunities, further strengthening our position in the industry, and expanding our footprint across the region.”
Group Chief Executive Officer of SICO, Ms. Najla Al-Shirawi, added, “SICO's impressive performance in the first half of 2024 is a testament to our strategic initiatives and the dedicated efforts of our team. Despite the expected volatility of the net investment income, the notable growth in brokerage and other income, along with the growth in AUMs which has driven robust growth in net fee income, including asset management and investment banking advisory fees . During this period, SICO played an instrumental role in launching the Tanmia Liquidity Fund in Oman, and introduced fractional bond and sukuk trading for investors, which has positioned us at the forefront of innovation in the region. Additionally, our ongoing success in providing investment banking advisory for primary and secondary markets transactions, as well as M&A transactions in Bahrain, demonstrates our ability to thrive in a competitive landscape. Furthermore, we also obtained the necessary regulatory final approval to transfer our subsidiary SFS (SICO Fund Services Company) Business in its entirety to SICO, enhancing our integrated service offering to our clients.”
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