SICO Reports BD 5.5 million (USD 14.6 million) in Net Profit Attributable to Shareholders for the Year Ended 31 December 2024, a 26% Increase from the Previous Year

Manama, Kingdom of Bahrain: SICO BSC (c), licensed as a conventional wholesale bank by the Central Bank of Bahrain “CBB”, announced today its consolidated results for the fourth quarter and year ended 31 December 2024.

On a quarterly basis, SICO recorded consolidated net profit attributable to shareholders of BD 292 thousand (USD 775 thousand) in the fourth quarter of 2024 compared to the BD 2.2 million (USD 5.9 million) recorded in the same quarter of the previous year, an 87% decline. mainly attributed to the retracement of equity and fixed income markets compared to the corresponding quarter last year, which had an impact on the performance of the proprietary investment book and brokerage activities. Earnings per share were 0.7 Bahraini fils in the fourth quarter of 2024, compared to 5.6 Bahraini fils in the same quarter of last year. SICO reported a total comprehensive income attributable to shareholders of BD 142 thousand (USD 377 thousand), a decrease of 94% compared to BD 2.5 million (USD 6.5 million) recorded in the same quarter of 2023.

Total operating income for the fourth quarter of 2024 decreased by 18% to BD 5.0 million (USD 13.2 million) as compared to BD 6.1 million (USD 16.1 million) achieved in the same period of the previous year.

For the full year 2024, SICO reported BD 5.5 million (USD 14.6 million) in consolidated net profit attributable to shareholders, representing a 26% increase from the BD 4.4 million (USD 11.6 million) recorded for the year ended 31 December 2023. There was an increase of 18% to the total operating income, which grew from BD 18.3 million (USD 48.5 million) in 2023 to BD 21.6 million (USD 57.2 million) in 2024.The increase in operating income and net profitability is primarily attributable to the solid performance across various lines of business, with brokerage and other income witnessing significant growth. The growth in assets under Management (AUM) also resulted in improving the sustainable fee income, in terms of asset management fees as well as custody and fund administration fees. Additionally, the increase in fees from investment banking activities, which include advisory, managing and execution of institutional transactions, also contributed to the overall increase in income. Earnings per share recorded 13.5 Bahraini fils in 2024, up from 10.7 Bahraini fils in 2023. SICO’s comprehensive income attributable to shareholders stood at BD 5.7 million (USD 15.1 million) in 2024, compared to BD 4.6 million (USD 12.2 million) in 2023, representing a 24% increase.

Net fee income for the year grew 33% to BD 10.8 million (USD 28.8 million) compared to BD 8.1 million (USD 21.6 million) in 2023. Brokerage and other income jumped 77% to BD 3.8 million (USD 10 million) in 2024, up from BD 2.1 million (USD 5.7 million) in 2023. Meanwhile, net interest income saw a 10% year-on-year increase to BD 3.9 million (USD 10.5 million) in 2024 compared BD 3.6 million (USD 9.5 million) recorded in 2023. Finally, net investment income stood at BD 3.0 million (USD 8.0 million) in 2024, a 32% decline from the BD 4.5 million (USD 11.8 million) recorded in the prior year, primarily due to the negative performance of the regional equities’ portfolio.

Total equity attributable to shareholders as of 31 December 2024 was up 5% to BD 74.0 million (USD 196.2 million) from BD 70.5 million (USD 187 million) at year-end 2023. Meanwhile, total assets as at year-end 2024 grew 5% to BD 411.2 million (USD 1.1 billion) compared to BD 389.9 million (USD 1.0 billion) as at 31 December 2023.

Based on this performance, SICO’s Board of Directors has recommended a dividend of 7.5% of the eligible share capital, aggregating to BD 3.2 million (USD 8.5 million), subject to the approval of the Central Bank of Bahrain (CBB) and the General Assembly.

On a gross basis (including leverage) SICO’s assets under management (AUMs) rose 23% to BD 2.8 billion (USD 7.4 billion) in 2024 from BD 2.3 billion (USD 6.0 billion) in 2023. The growth in AUMs was driven by the launch of new funds, together with an additional increase in clients’ portfolios across asset classes.

Chairman of the Board, Abdulla Kamal, commented on SICO’s performance for the year saying, “We are immensely proud of the sustained financial success we continue to achieve, which directly reflects our unwavering commitment to upholding the highest standards of governance, making strategic investments, and our competitive capability. SICO has experienced a significant increase in assets under management, achieved excellence in brokerage activities, and notable growth in our investment banking services, solidifying our position as the partner of choice for M&A activities and capital market transactions, both public and private. As we approach SICO’s 30th anniversary in 2025, we remain focused on building on this momentum, driving shareholder value, and ensuring that SICO continues to play a pivotal role in the region’s financial ecosystem.”

Group Chief Executive Officer, Najla Al-Shirawi, added, “2024 has been an extraordinary year for SICO, marked by a 26% growth in net profit, a testament to the exceptional progress we’ve made across all fronts. We’ve successfully launched additional products and services that have resonated deeply with a wider client base, while securing several major transactions that highlight our leadership in the market. Our relentless focus on innovation, paired with operational excellence, has positioned us to seize emerging opportunities. As we kick off 2025, we’ve already made a strong start with the successful execution of MA’ADEN’s acquisition of SIIC’s stake in ALBA, underscoring our standing as a trusted financial partner and adding to our impressive track record. We are confident that SICO’s future will be one of continued growth and success, propelled by our talented team and unwavering commitment to excellence.”

SICO’s performance during 2024 was recognized by several prestigious organizations, receiving multiple accolades throughout the year. SICO was named Best Investment Bank in Bahrain by the Global Finance Awards 2025 for the sixth year in a row. It was also recognized as the Best Investment Bank, Best Securities House, and Best Diversity and Inclusion Bank in Bahrain by the Euromoney Awards for Excellence 2024. Showcasing the resilience of its brokerage business, SICO has retained its ranking as the number one broker on the Bahrain Bourse for the twenty-sixth consecutive year, with a 63% market share.

SICO is listed on Bahrain Bourse (“BHB”) and its code is SICO-C. The press release and full set of financial statements will be available on SICO and BHB websites.

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