SICO announces net profit of BD 2.8 million for 2015

Securities & Investment Company (SICO), licensed by the Central Bank of Bahrain as a conventional wholesale bank, announced today its financial results for the fourth quarter and full fiscal year ending 31 December 2015.

Net consolidated profit for fiscal year 2015 was BD 2.8 million compared with BD 5.4 million in 2014, a decrease of 48 per cent due primarily to the heightened volatility of regional and global equity markets during the second half of the year. Operating income amounted to BD 8.4 million compared with BD 12.4 million the previous year, around 32 per cent lower. Basic earnings per share in 2015 were Bahraini fils 6.6 versus 12.7 fils in 2014.

Total operating expenses, which include staff overheads, general administration and other expenses, reduced to BD 5.5 million from BD 6.4 million in 2014, reflecting the Bank’s success in managing its costs effectively.  

For the fourth quarter of 2015, total operating income was BD 1.7 million compared to BD 671 thousand for the corresponding period in 2014; while net consolidated profit was BD 548 thousand after provisions for impairment of investments of BD 140 thousand; compared to BD 1.4 million net loss for the fourth quarter of 2014, which included provisions for impairment of investments of BD 366 thousand. Total expenses amounted to BD 1.03 million (4Q14: BD 2.03 million).

The full press release in English & Arabic can be downloaded here

The advertisment in Anglish & Arabic can be downloaded here