By DT News Network. Manama : S ecurities & Investment Company (SICO), licensed by the Central Bank of Bahrain registered BD 2.3 million net profit compared with BD 2.8 m in 2015, a decrease of around 18 percent due primarily to the continued volatility of regional and global equity markets during th
Manama : Securities & Investment Company (SICO), licensed by the Central Bank of Bahrain registered BD 2.3 million net profit compared with BD 2.8 m in 2015, a decrease of around 18 percent due primarily to the continued volatility of regional and global equity markets during the year.
Operating income reduced by around 6 pc to BD 7.9 m from BD 8.4 m the previous year. Total operating expenses reduced to BD 5.3 m from BD 5.5 m in 2015. Basic earnings per share in 2016 were Bahraini fils 5.5 versus 6.6 fils for the previous year.
For the fourth quarter of 2016, net consolidated profit was BD 2.4 m compared with BD 548 thousand for the last three months of the previous year; while total operating income was BD 2.9 m versus BD 1.7 m for the corresponding period in 2015. Operating expenses amounted to BD 1.3 m (4Q15: BD 1.0 m).
As at December 31 total balance sheet footings stood at BD 147.1 m compared with BD 112.8 m at the end of the previous year.
SICO continued to maintain a strong capital base, ending the year with shareholders’ equity of BD 58.1 m net of BD 2.1 m dividends distributed earlier in the year (2015: BD 58.4m), and a very strong consolidated capital adequacy ratio of 61.1 pc. Investments at fair value through profit or loss were BD 28.0 m (end-2015: BD 14.3m).
Assets Under Management increased by 19 pc to BD 395.9 m from BD 332.3 m in 2015, while assets under custody with the Bank’s wholly-owned subsidiary – SICO Funds Services Company (SFS) – increased to BD 1.9 bn from BD 1.7 bn at the end of 2015.
“ The results reflect clients’ continued confidence in SICO’s capability to deliver a resilient performance in challenging conditions,” Shaikh Abdulla bin Khalifa Al Khalifa, Chairman of Securities & Investment Company (SICO), said.
Putting the financial results of 2016 into context, Najla M. Al Shirawi, Chief Executive Officer of SICO, said that the company had adopted a forward-looking, proactive approach throughout the year.
