18.02.2015, 19:04
Bahrain Commercial Facilities Company had an outstanding year and reported a net profit of BD 14.5 million
OREANDA-NEWS. Bahrain Commercial Facilities Company had an outstanding year and reported a net profit of BD
14.5 million, 11% higher than the BD 13.1 million earnings of 2013. Profit for the fourth quarter
of 2014 was BD 3.3 million (2013: BD 3.5 million). The Board has recommended a cash
dividend of 45% (2013: 40%) of the paid-up capital.
On this occasion, the Chairman of the Board Mr. Abdulrahman Fakhro stated that, “It’s pleasing
to note that full year profits are, yet again, the highest in the Company’s history. These results
manifest the faithful adherence to our core values, the successful execution of strategic plan
initiatives and the hard work of our dedicated employees”.
The Company’s consumer finance business, Bahrain Credit, achieved net profit of BD 9.8 million (2013: 9.0 million) and provided loans of BD 115 million (2013: BD 99 million). This has resulted in 14% increase in company’s interest generating loan portfolio year on year. The quality of underwriting remained a key priority for the company and the nonperforming loans were controlled at 3.1% of the portfolio. The company’s credit cards offering ‘imtiaz’ strengthened its foothold to reach a milestone of seventeen thousand active cards. In the automotive business, National Motor Company has registered a net profit of BD 2.0 million (2013: BD 2.7 million). The financial results include the first full year’s operating losses of BD 1.3 million for its wholly owned subsidiary operating in Erbil, Kurdistan. The company is closely monitoring the fluid situation in Iraq and taking proactive steps to protect its investment. In Bahrain, the company has actively pursued its brand focused strategy to enrich the overall car ownership experience of its customers. This is showing very encouraging results.
The Company’s real estate division, T’asheelat Real Estate Services Company recorded a net profit of BD 1.9 million (2013: BD 712 thousand). The company remains committed to its constant endeavor to address the aspirations of our citizens for affordable housing solutions and successfully completed another project in Saar. All the company’s investment properties for rental income have maintained almost full occupancy rate during the year and generated steady and reliable yield. T’asheelat Insurance Services Company reported a net profit of BD 813 thousand (2013: BD 652 thousand). In 2014, the company has arranged in excess of eighteen thousand motor insurance policies. This was achieved through maintaining excellent relationship with insurance companies, developing closer ties with car dealers and providing valued added services to customers. It is quite welcoming to note higher renewal rates from our existing customers. In the year, the Company successfully issued new USD 53 million floating rate bonds maturing in 2019.
The Group now has a very low leverage of 1.6 times which provides strong potential for its future expansion and growth plans. The Group Chief Executive Officer, Dr. Adel Hubail, on this occasion observed, “The Group’s sustained growth and profitability reflects the clarity of its unique value proposition in the niche markets identified in all its businesses, synergy amongst all its business segments and continuity in its practices. Going forward, the Group will continue to seek investments that will increase shareholders value as and when such opportunities present themselves.”
The Company’s consumer finance business, Bahrain Credit, achieved net profit of BD 9.8 million (2013: 9.0 million) and provided loans of BD 115 million (2013: BD 99 million). This has resulted in 14% increase in company’s interest generating loan portfolio year on year. The quality of underwriting remained a key priority for the company and the nonperforming loans were controlled at 3.1% of the portfolio. The company’s credit cards offering ‘imtiaz’ strengthened its foothold to reach a milestone of seventeen thousand active cards. In the automotive business, National Motor Company has registered a net profit of BD 2.0 million (2013: BD 2.7 million). The financial results include the first full year’s operating losses of BD 1.3 million for its wholly owned subsidiary operating in Erbil, Kurdistan. The company is closely monitoring the fluid situation in Iraq and taking proactive steps to protect its investment. In Bahrain, the company has actively pursued its brand focused strategy to enrich the overall car ownership experience of its customers. This is showing very encouraging results.
The Company’s real estate division, T’asheelat Real Estate Services Company recorded a net profit of BD 1.9 million (2013: BD 712 thousand). The company remains committed to its constant endeavor to address the aspirations of our citizens for affordable housing solutions and successfully completed another project in Saar. All the company’s investment properties for rental income have maintained almost full occupancy rate during the year and generated steady and reliable yield. T’asheelat Insurance Services Company reported a net profit of BD 813 thousand (2013: BD 652 thousand). In 2014, the company has arranged in excess of eighteen thousand motor insurance policies. This was achieved through maintaining excellent relationship with insurance companies, developing closer ties with car dealers and providing valued added services to customers. It is quite welcoming to note higher renewal rates from our existing customers. In the year, the Company successfully issued new USD 53 million floating rate bonds maturing in 2019.
The Group now has a very low leverage of 1.6 times which provides strong potential for its future expansion and growth plans. The Group Chief Executive Officer, Dr. Adel Hubail, on this occasion observed, “The Group’s sustained growth and profitability reflects the clarity of its unique value proposition in the niche markets identified in all its businesses, synergy amongst all its business segments and continuity in its practices. Going forward, the Group will continue to seek investments that will increase shareholders value as and when such opportunities present themselves.”
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