SICO Reports BD 1.4 Million (USD 3.7 Million) Net Profit Attributable to Shareholders for the First Quarter of 2025

Manama, Kingdom of Bahrain – 13 May 2025 SICO BSC (c), licensed as a conventional wholesale bank by the Central Bank of Bahrain “CBB”, announced today its consolidated results for the first quarter ended 31 March 2025.

SICO recorded a consolidated net profit attributable to shareholders amounting to BD 1.4 million (USD 3.7 million) in the first quarter of 2025 compared to BD 1.9 million (USD 4.9 million) recorded in the same quarter last year, reflecting a 25% year-on-year decline. This decrease was primarily driven by challenging market conditions, along with lower net investment income and a drop in brokerage and other income compared to the first quarter of 2024.

Earnings per share (EPS) recorded 3.42 Bahraini fils in the first quarter of the year compared to 4.55 Bahraini fils in the first quarter of 2024. SICO reported a total comprehensive income of BD 1.4 million (USD 3.7 million) for the first quarter of 2025, compared to a total comprehensive income of BD 1.8 million (USD 4.8 million) booked in the same quarter last year, declining 23% year-on-year. The total operating income for the first quarter of 2025 increased by 9% to BD 5.8 million (USD 15.3 million) compared to BD 5.3 million (USD 14.1 million) achieved in the same period of the previous year.

Total equity attributed to shareholders stood at BD 72.1 million (USD 191.2 million) as at 31 March 2025, a slight decline of 2.6% from BD 74.0 million (USD 196.2 million) as at 31 December 2024, noting that a dividend of BD 3.2 million (USD 8.5 million) was paid to the equity shareholders for the year 2024 during the first quarter of 2025. Total assets increased by 21% to BD 499.0 million (USD 1.3 billion) as at 31 March 2025, up from BD 411.2 million (USD 1.1 billion) as at 31 December 2024.

Net fee income for the first quarter stood at BD 3.0 million (USD 8.0 million) compared to BD 2.2 million (USD 5.7 million) for the same period the previous year, reflecting a 39% y-o-y increase. Meanwhile, net interest income grew 53% to BD 1.3 million (USD 3.5 million) in the first quarter of 2025 compared to BD 872 thousand (USD 2.3 million) in the comparable quarter of 2024. SICO's net investment income for the first quarter of 2025 decreased 40% to BD 649 thousand (USD 1.7 million) from the BD 1.1 million (USD 2.9 million) recorded in the same period of 2024. Finally, brokerage and other income recorded BD 769 thousand (USD 2.0 million) for the first quarter of 2025, a 35% y-o-y decrease from the BD 1.2 million (USD 3.2 million) recorded in the same period last year.

On a gross basis (including leverage), SICO’s assets under management (AUMs) grew 7% to BD 3.0 billion (USD 7.9 billion) as of 31 March 2025, compared to BD 2.8 billion (USD 7.4 billion) recorded at year-end 2024. The growth in AUMs was driven by additional mandates and subscriptions to funds across asset classes and the continued outperformance of SICO’s assets under management mandates and funds.

Chairman of the Board, Abdulla Kamal, commented on SICO’s first quarter performance, saying, “Despite the challenging market conditions, SICO has demonstrated resilience and adaptability. Our strategic initiatives and commitment to delivering value have enabled us to navigate these headwinds effectively. We remain focused on leveraging our strengths to drive sustainable growth and enhance shareholder value. We are confident that our diversified portfolio and prudent risk management strategies will continue to support our long-term objectives.”

Group Chief Executive Officer, Najla Al Shirawi, said, “Our performance in the first quarter of 2025 reflects our robust business model and the dedication of our team. Our assets under management (AUM) have grown to USD 7.9 billion, securing our position among MENA’s top 20 asset managers and ranking us among the top ten Saudi asset managers. Additionally, we have achieved significant growth in net fee income, which includes management fees and investment banking fees. Meanwhile, net investment income and brokerage and other income were negatively impacted due to market volatility.”

SICO was named Best Investment Bank in Bahrain at the 2025 Global Finance World’s Best Investment Banks awards for the sixth consecutive year. It also continues to be the Kingdom’s leading broker, with a 92% market share in the first quarter of 2025, and the most active market maker for 27 consecutive years.

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.

For the full release in English & Arabic, click here