SICO Reports BD 5.2 million (USD 13.8 million) Net Profit Attributable to Shareholders for the Nine Months of 2024, a 140% Increase from the Previous Year
Manama, Kingdom of Bahrain – 13 November 2024 SICO BSC (c), licensed as a conventionalwholesale bank by the Central Bank of Bahrain “CBB”, announced today its consolidated results forthe third quarter and nine months ended 30 September 2024.
For the quarter, SICO’s consolidated net profit attributable to shareholders grew 274% year-on-year,to record BD 2.0 million (USD 5.4 million) in the third quarter of 2024 compared to BD 545 thousand(USD 1.4 million) recorded in the same three-month period of last year. This increase is primarilyattributable to the increase in all business lines. Earnings per share (EPS) recorded 4.99 Bahrainifils in the third quarter of the year versus 1.27 Bahraini fils in the comparable quarter of 2023. SICOreported total comprehensive income attributable to shareholders of BD 2.5 million (USD 6.7 million)for the third quarter of 2024, compared to a total comprehensive income of BD 524 thousand (USD1.4 million) reported in the same quarter of last year, representing a surge of 384%.
Total operating income for the third quarter of 2024 increased 66% to BD 6.4 million (USD 16.9million) as compared to BD 3.8 million (USD 10.2 million) achieved in the same period of the previousyear.
On a year-to-date basis, SICO recorded consolidated net profit attributable to shareholders for thenine months of 2024 amounting to BD 5.2 million (USD 13.8 million), representing a 140% increasefrom the BD 2.2 million (USD 5.8 million) recorded in the nine months of 2023. EPS stood at 12.76Bahraini fils for the nine months of 2024 compared to 5.05 Bahraini fils for the same period last year.SICO reported total comprehensive income attributable to shareholders of BD 5.6 million (USD 14.7million) for the nine months of 2024, as compared to a total comprehensive income of BD 2.1 million(USD 5.7 million) reported in the nine months of 2023, representing a growth of 159%.
There was an increase of 36% to the total operating income, which grew from BD 12.2 million (USD32.4 million) in 2023 to BD 16.6 million (USD 44 million) in 2024, reflecting the growth in net feeincome and commissions, as well as net interest income.
Total equity attributed to shareholders increased by 4.8% to BD 73.8 million (USD 195.9 million) asof 30 September 2024 compared to BD 70.5 million (USD 187 million) recorded at year-end 2023,while total assets reduced by 2% to BD 381.7 million (USD 1 billion) as of 30 September 2024compared to BD 389.9 (USD 1.03 billion) recorded at year-end 2023.
SICO’s net fee income recorded BD 8.0 million (USD 21.1 million), a 48% increase from BD 5.4million (USD 14.3 million) achieved in the nine months of 2023. Furthermore, brokerage and otherincome came in at BD 3.1 million (USD 8.2 million) for the nine months of 2024, a 114% jump fromthe BD 1.4 million (USD 3.8 million) recorded in the nine months of 2023. Meanwhile, net investmentincome stood at BD 2.6 million (USD 6.9 million) in the nine months of 2024, slightly declining by 6%compared to BD 2.8 million (USD 7.3 million) for the same period last year, primarily due to thenegative performance of the regional equities’ portfolio.
On a gross basis (including leverage) SICO’s assets under management (AUMs) rose 14% to BD2.6 billion (USD 6.8 billion) in the nine months of the year compared to BD 2.3 billion (USD 6 billion)at year-end 2023. The growth in AUMs was driven by the launch of new funds, together with anadditional increase in clients’ portfolios across asset classes.
Chairman of the Board of SICO, Mr. Abdulla Kamal, commented on SICO’s third quarterperformance, saying, “The exceptional results achieved by SICO during the nine months of 2024reflect the outstanding success in implementing SICO’s Vision 2025 strategy, launched at thebeginning of 2023. This strategy has proven effective in boosting our performance and achieving ourtargets. Amid a complex competitive environment, SICO has witnessed significant increase in assetsunder management, continued excellence in the brokerage market, and growth in our investmentbanking services, including M&A activities and public and private capital market transactions. Witha significant increase in profitability, we are grateful for the continued trust of our esteemed clientsand continuously strive to create greater added value for our clients and shareholders whilemanaging risks, ensuring that SICO remains at the forefront of the financial and investment servicessector in the region.”
Group Chief Executive Officer of SICO, Ms. Najla Al-Shirawi, said, “The outstanding resultsachieved by SICO this year reflect the strength and resilience of our diversified business model, aswell as our ability to implement our ambitious strategy across various areas. This growth insustainable fee-based revenue, along with the strong performance of our investment bankingactivities, is the driving force behind these rewarding returns. Brokerage, in particular, has seentremendous momentum, supported by the creation of unique opportunities for our clients despite thechallenges of volatile market trends. SICO recently completed its role as Co-lead Manager for LuluRetail’s shares in the largest IPO in the UAE this year. SICO has also been appointed as the LeadManager for the IPO of the Al Abraaj Restaurant Group, with the public offering expected to launchbefore the end of the year. On another note, our funds continue to deliver outstanding performance,with our Khaleej Equity Fund celebrating its 20th anniversary this year. Over the years, it hasachieved an average annual net return of 11.5%, exceeding its benchmark. This strong performance across SICO’s activities reflects our pioneering approach to capital management, which focuses ongenerating positive returns while minimizing market risk.”
SICO was named Best Investment Bank in Bahrain at the 2024 Global Finance World’s BestInvestment Banks Awards for the fifth consecutive year. It was also recognized as the Best SecuritiesHouse in Bahrain, Best Investment Bank in Bahrain, and Best Bank for Diversity and Inclusion inBahrain by the Euromoney Awards 2024. SICO continues to be the Kingdom’s leading broker, witha 62% market share as of September 2024, and the most active market maker for 25 consecutiveyears.
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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