Bahrain Commercial Facilities Company recently announced its financial results for the three-month and six-month periods ending on June 30, 2024. During the three-month period, the group reported a net profit of BD 1.5 million, a significant improvement from the net loss of BD 4.4 million during the same period the previous year. This positive result was mainly due to lower provisions and credit losses charged during the period. The earnings per share also saw a positive shift, from a loss of 22 Fils to a profit of 8 Fils compared to the same period last year. Additionally, the group registered a total comprehensive income of BD 1.3 million, in contrast to a total comprehensive loss of BD 4.1 million for the same period last year.
Moving on to the six-month period ending on June 30, 2024, the group achieved a net profit of BD 3.3 million, a significant improvement from the net loss of BD 5.5 million during the same period last year. This improvement was once again driven by lower provisions and credit losses charged during the period. Earnings per share also showed positive growth, with a profit of 17 Fils compared to a loss of 27 Fils for the same period last year. The total comprehensive income for the six-month period was BD 3.2 million, a stark contrast to the total comprehensive loss of BD 5.7 million for the same period last year. Total liabilities as of June 30, 2024, reached BD 114.2 million, which was 3% lower compared to December 31, 2023, of BD 118.3 million.
Abdulrahman Fakhro, the Chairman of Bahrain Commercial Facilities Company, expressed his appreciation for the group’s results and mentioned that the majority of their business segments have delivered positive performances. He highlighted the synergy within their diversified portfolio and attributed their success to their enduring presence in the market and potential for sustained growth. Fakhro also emphasized their commitment to creating shareholder value and capitalizing on future opportunities. CEO Abdulla Bukhowa echoed Fakhro’s sentiments, stating that he is encouraged by the group’s results despite challenging macroeconomic conditions and high interest rates. He credited the team’s efforts and the introduction of new products like residential mortgage loans and digital applications for the group’s growth.
The group’s new loan origination saw significant growth during the six-month period, driven by the team’s commitment and the introduction of new products and services. In particular, the residential mortgage loans and the digital application “Sahel” were highlighted as contributors to the group’s business expansion. Additionally, the opening of a new branch in a prime location in Bahrain was mentioned as a strategic move to meet customer needs and further drive business growth. Overall, the group’s financial results reflect resilience and the capability to overcome challenges, positioning them well for future growth and opportunities. The leadership team remains confident in their business model and optimistic about the group’s future prospects.
In conclusion, Bahrain Commercial Facilities Company has shown positive financial results for the three-month and six-month periods ending on June 30, 2024. The group’s shift from net losses to profits, as well as the improvement in earnings per share, reflects a strong performance despite economic challenges. The leadership team’s commitment to creating shareholder value and capitalizing on opportunities bodes well for the group’s future growth and success. With a focus on meeting customer needs through new products and services, Bahrain Commercial Facilities Company is well-positioned to continue on a path of sustained growth and success in the marketplace.
