Business | Investment

SICO net profit hits BD5.758 million in first six months of 2008

Securities & Investment Company (SICO) announced a net profit of BD5.758 million for the first half of 2008, an increase of 61 percent when compared to 2007's second quarter profits of BD3.581 million.

  • Staff Report
  • Published: 23:47 July 29, 2008
  • Gulf News

Manama, Bahrain: Securities & Investment Company (SICO) announced a net profit of BD5.758 million for the first half of 2008, an increase of 61 percent when compared to 2007's second quarter profits of BD3.581 million.

Total income increased by 52 percent to BD7.620 million (2Q07: BD5.018 million) while earnings per share reached 18 Bahraini fils, a 64 percent increase from 11 Bahraini fils for the same period last year. Assets under management increased by 23 percent to BD281.618 million ($ 745 million) from BD229.848 million ($ 608 million) for the same period last year.

Net interest income grew by 54 percent over the same period last year to BD 504 thousand (2Q07: BD 327 thousand). Brokerage and other income increased by 74 percent to BD2.355 million (2Q07: BD 1.352 million).

Total expenses increased to BD 1.862 million (2Q07: BD 1.437 million) reflecting increased staff, general and administrative expenses.

The firm's total assets were BD 93.018 million, decreasing from December 31, 2007 by 11 per cent.

The firm completed a rights issue at the end of June, with paid-up capital increasing to BD 42.346 million, and shareholders capital at mid-year reaching BD61.335. The increase was to accommodate a number of strategic initiatives the firm is undertaking.

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