SICO Reports BD 1.6 million (USD 4.3 million) Net Profit Attributable to Shareholders for the First Half of 2023
SICO’s AUMs rose to a new high during the first half of the year, climbing 22% to reach BD 2.2 billion(USD 5.8 billion)Manama, Kingdom of Bahrain – 9 August 2023 SICO BSC (c), licensed as a conventionalwholesale bank by the Central Bank of Bahrain “CBB”, announced today its consolidated results forthe second quarter and six months ended 30 June 2023.
SICO’s consolidated net profit attributable to shareholders surged 223% to record BD 892 thousand(USD 2.4 million) in the second quarter of 2023 compared to BD 276 thousand (USD 732 thousand)recorded in the same three-month period of last year. Higher profitability in the second quarter wassupported by positive market sentiment and continued upward momentum across regional andglobal equity markets, which was reflected in sustained growth across SICO’s business lines.Earnings per share (EPS) recorded 2.08 Bahraini fils in the second quarter of the year versus 0.65Bahraini fils in the comparable quarter of 2022. SICO reported total comprehensive income of BD1.0 million (USD 2.7 million) for the second quarter of 2023, compared to a total comprehensive lossof BD 360 thousand (USD 955 thousand) booked in the same quarter of last year.
SICO recorded consolidated net profit attributable to shareholders for the first six months of 2023amounting to BD 1.6 million (USD 4.3 million), representing a 34% decrease from the BD 2.5 million(USD 6.6 million) recorded in the first half of 2022. The BD 2.5 million profit in 2022 includes a oneoffincome of BD 1.0 million (USD 2.7 million), resulting from proceeds received in lieu of a writtenoffinvestment in earlier years. EPS were 3.87 Bahraini fils for the first six months of 2023 comparedto 5.88 Bahraini fils for the same period of 2022. SICO reported total comprehensive incomeattributable to shareholders of BD 1.6 million (USD 4.3 million) for the first half of 2023, as comparedto a total comprehensive income attributable to shareholders of BD 2.2 million (USD 5.7 million)booked in the first six months of 2022, representing a decrease of 25%.
SICO’s net investment income rose by 240% to BD 2.3 million (USD 6 million) in the first six monthsof 2023 from BD 668 thousand (USD 1.8 million) last year, on the back of a strong second quarterperformance. On the other hand, SICO’s net fee income recorded BD 3.2 million (USD 8.5 million),a 42% decrease from BD 5.4 million (USD 14.4 million) achieved in the first half of 2022, mainly onaccount of higher performance fees booked in the same period of 2022 in Saudi Arabia and Bahrain.Meanwhile, brokerage and other income came in at BD 1.0 million (USD 2.8 million) for the first halfof 2023, a 19% decline from the BD 1.3 million (USD 3.4 million) recorded in the first half of 2022.On a gross basis (including leverage) SICO’s assets under management (AUMs) rose 22% by BD400 million (USD 1.1 billion) to BD 2.2 billion (USD 5.8 billion) compared to BD 1.8 billion (USD 4.8billion) at year-end 2022.
Commenting on SICO’s performance for the first half of 2023, Chairman of the Board of SICO, Mr.Abdulla Kamal, said, “With the first six months of the year now behind us, I am pleased to announcethat our financial performance has remained strong, with our second-quarter results displayingrobust growth versus last year and, despite market volatility over the past decade, our AUMscontinued to grow. The first half of 2023 saw us take important strides forward aimed at achievingprogress in expanding our client base and our ambitious strategic plans for value creation and longtermgrowth.”
Chief Executive Officer of SICO, Ms. Najla Al-Shirawi, added, “We continued to leverage ourdiversified offering, expanded footprint, and strategic partnerships to successfully capitalize on theGCC markets’ upward trend, which saw markets across the region post sustained growth throughoutthe second quarter. In the last three months, SICO’s business lines continued to deliver impressiveperformances, with our funds consistently outperforming benchmark indices and AUMs in equities,bonds and sukuk, reaching a record-high – a testament to the effectiveness of our investmentstrategies and the appeal of our increasingly tailored offering. Lastly, in line with our unwaveringdedication to safeguarding the interests of our valued clients and shareholders, we continue to investin our people, technology, and systems and maintain a strong balance sheet as evidenced by ourincreasing cash balances and growing client accounts.”
SICO was named Best Investment Bank in Bahrain at the 2023 Global Finance World’s BestInvestment Banks Awards for the fourth consecutive year. It was also recognized as Best InvestmentBank in Bahrain by the Euromoney Awards 2023. Additionally, SICO won Best MENA Fixed IncomeFund Strategy (1 Year) 2023 at the Bonds, Loans & Sukuk Middle East Awards. SICO continues tobe the Kingdom’s leading broker, with a 49% market share for the first half of 2023, and the mostactive market maker for 25 consecutive years.SICO is listed on Bahrain Bourse (“BHB”) and its code is SICO-C. The press release and full set offinancial statements will be available on SICO and BHB websites.
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