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 bankby the Central Bank of Bahrain “CBB”, announced today its consolidated results for thefourth quarter and year ended 31 December 2024.
On a quarterly basis, SICO recorded consolidated net profit attributable to shareholders ofBD 292 thousand (USD 775 thousand) in the fourth quarter of 2024 compared to the BD 2.2million (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 thecorresponding quarter last year, which had an impact on the performance of the proprietaryinvestment book and brokerage activities. Earnings per share were 0.7 Bahraini fils in thefourth quarter of 2024, compared to 5.6 Bahraini fils in the same quarter of last year. SICOreported 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 sameperiod of the previous year.
For the full year 2024, SICO reported BD 5.5 million (USD 14.6 million) in consolidated netprofit attributable to shareholders, representing a 26% increase from the BD 4.4 million (USD11.6 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 toBD 21.6 million (USD 57.2 million) in 2024.The increase in operating income and netprofitability is primarily attributable to the solid performance across various lines of business,with brokerage and other income witnessing significant growth. The growth in assets underManagement (AUM) also resulted in improving the sustainable fee income, in terms of assetmanagement fees as well as custody and fund administration fees. Additionally, the increasein fees from investment banking activities, which include advisory, managing and executionof institutional transactions, also contributed to the overall increase in income. Earnings pershare recorded 13.5 Bahraini fils in 2024, up from 10.7 Bahraini fils in 2023. SICO’scomprehensive income attributable to shareholders stood at BD 5.7 million (USD 15.1million) 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 toBD 8.1 million (USD 21.6 million) in 2023. Brokerage and other income jumped 77% to BD3.8 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 (USD10.5 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 fromthe BD 4.5 million (USD 11.8 million) recorded in the prior year, primarily due to the negativeperformance of the regional equities’ portfolio.
Total equity attributable to shareholders as of 31 December 2024 was up 5% to BD 74.0million (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 of7.5% of the eligible share capital, aggregating to BD 3.2 million (USD 8.5 million), subject tothe 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. Thegrowth in AUMs was driven by the launch of new funds, together with an additional increasein clients’ portfolios across asset classes.
Chairman of the Board, Abdulla Kamal, commented on SICO’s performance for the yearsaying, “We are immensely proud of the sustained financial success we continue to achieve, which directly reflects our unwavering commitment to upholding the highest standards ofgovernance, making strategic investments, and our competitive capability. SICO hasexperienced a significant increase in assets under management, achieved excellence inbrokerage activities, and notable growth in our investment banking services, solidifying ourposition as the partner of choice for M&A activities and capital market transactions, bothpublic and private. As we approach SICO’s 30th anniversary in 2025, we remain focused onbuilding on this momentum, driving shareholder value, and ensuring that SICO continues toplay a pivotal role in the region’s financial ecosystem.”
Group Chief Executive Officer, Najla Al-Shirawi, added, “2024 has been an extraordinaryyear for SICO, marked by a 26% growth in net profit, a testament to the exceptional progresswe’ve made across all fronts. We’ve successfully launched additional products and servicesthat have resonated deeply with a wider client base, while securing several majortransactions that highlight our leadership in the market. Our relentless focus on innovation,paired with operational excellence, has positioned us to seize emerging opportunities. Aswe kick off 2025, we’ve already made a strong start with the successful execution ofMA’ADEN’s acquisition of SIIC’s stake in ALBA, underscoring our standing as a trustedfinancial partner and adding to our impressive track record. We are confident that SICO’sfuture will be one of continued growth and success, propelled by our talented team andunwavering 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 Bankin Bahrain by the Global Finance Awards 2025 for the sixth year in a row. It was alsorecognized as the Best Investment Bank, Best Securities House, and Best Diversity andInclusion Bank in Bahrain by the Euromoney Awards for Excellence 2024. Showcasing theresilience of its brokerage business, SICO has retained its ranking as the number one brokeron 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 andfull set of financial statements will be available on SICO and BHB websites.
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