Sico
SICO-C
SICO-C
Securities and Investment Company (SICO) announced its financial results to Bahrain Bourse (BB), reporting a net profit surge by 110% to BHD 6.85 million during the first nine months of 2014, compared to BHD 3.26 million during the same period last year.
The Company’s operating income reached BHD 11.73 million during the nine-month period ending September 30, 2014, compared to BHD 7.15 million for the same period of 2013, recording a rise by 64%. During the first nine months of 2014, basic earnings per share jumped 107.6% to 15.84 fils compared to 7.63 fils for the similar period last year.
Furthermore, net profit reached BHD 1.77 million in the third quarter of 2014, compared to BHD 1.36 million during the same period a year earlier, growing 30%.
SICO’s operating income reached BHD 3.48 million in the three-month period ending September 30, 2014, compared to BHD 2.73 million during the same three months of 2013, registering an increase of 27%. Basic earnings per share rose 30% to 4.14 fils in the third quarter of 2014, compared to 3.18 fils during the same quarter of 2013.
Worth noting, SICO ended the first nine months of 2014 with shareholders’ equity of BHD 64.9 million, and a very strong consolidated capital adequacy ratio of 62.77%.
“I am delighted to report that SICO has continued to produce excellent financial performance despite ongoing market volatility, with substantial increases in operating income and net profit. One notable achievement that should be highlighted is that total discretionary assets under management passed $1 billion during the quarter on the back of SICO’s ability to win new client mandates,” noted SICO Chairman Shaikh Abdulla bin Khalifa Al-Khalifa.
SICO Chief Executive Officer Ms. Najla M. Al Shirawi highlighted “Of particular significance is the 87% increase in fee-based income, which now contributes 44% to total income compared with 38% a year ago. Balanced and diversified revenue generators will enable SICO to better withstand continued market volatility. The Bank’s proprietary book also continued to perform well, with a 66% growth in net investment income. This is due to our tactical asset allocation and disciplined risk management approach.”
The Company’s operating income reached BHD 11.73 million during the nine-month period ending September 30, 2014, compared to BHD 7.15 million for the same period of 2013, recording a rise by 64%. During the first nine months of 2014, basic earnings per share jumped 107.6% to 15.84 fils compared to 7.63 fils for the similar period last year.
Furthermore, net profit reached BHD 1.77 million in the third quarter of 2014, compared to BHD 1.36 million during the same period a year earlier, growing 30%.
SICO’s operating income reached BHD 3.48 million in the three-month period ending September 30, 2014, compared to BHD 2.73 million during the same three months of 2013, registering an increase of 27%. Basic earnings per share rose 30% to 4.14 fils in the third quarter of 2014, compared to 3.18 fils during the same quarter of 2013.
Worth noting, SICO ended the first nine months of 2014 with shareholders’ equity of BHD 64.9 million, and a very strong consolidated capital adequacy ratio of 62.77%.
“I am delighted to report that SICO has continued to produce excellent financial performance despite ongoing market volatility, with substantial increases in operating income and net profit. One notable achievement that should be highlighted is that total discretionary assets under management passed $1 billion during the quarter on the back of SICO’s ability to win new client mandates,” noted SICO Chairman Shaikh Abdulla bin Khalifa Al-Khalifa.
SICO Chief Executive Officer Ms. Najla M. Al Shirawi highlighted “Of particular significance is the 87% increase in fee-based income, which now contributes 44% to total income compared with 38% a year ago. Balanced and diversified revenue generators will enable SICO to better withstand continued market volatility. The Bank’s proprietary book also continued to perform well, with a 66% growth in net investment income. This is due to our tactical asset allocation and disciplined risk management approach.”
Source:
Mubasher
