Bahrain National Holding (BNH) has reported a net profit attributable to the shareholders of BD1.05 million for the second quarter ended June 30, 2024, a 56 per cent decrease from the net profit attributable to shareholders of BD2.42m achieved during the second quarter of the previous year.

Earnings per share for the second quarter decreased to 9 fils compared to 20 fils in the second quarter of the previous year.

The total comprehensive income attributable to the shareholders for the second quarter of 2024 was BD0.94m, compared to BD4.54m for the second quarter of the previous year, a decrease of 79pc.

For the half year ended June 30, 2024, BNH achieved a net profit attributable to the shareholders of BD2.64m, a 37pc decrease from the attributable net profit of BD4.16m achieved during the first half of 2023.

The decrease in the net profit for the first half compared to the similar period of the previous year resulted from higher claims incurred in the first half of 2024, due to the rain claims that the kingdom was exposed to at the beginning of the year and the increase in vehicle and health claims.

Earnings per share for the half year decreased to 22 fils compared to 35 fils in the first half of 2023. The total comprehensive income attributable to the shareholders for the first half of 2024 decreased to BD4.53m, compared to BD6.09m during the first half year of 2023, a decrease of 26pc.

The group achieved robust growth in all lines of business. The investment return increased by 21pc to BD2.07m and the profit from associates increased by 7pc to BD0.92m. The group’s insurance subsidiaries also achieved significant growth of 30pc in insurance revenue.

The total shareholders’ equity (excluding non-controlling interest) increased by 1pc to BD70.40m in the half year ended June 30, 2024 compared to BD70.05m as at the end of 2023. The total assets increased by 12pc to BD124.02m compared to BD111.02m at the end of the previous year.

Farooq Almoayyed, chairman of BNH, commented: “The region is going through exceptional circumstances that impose challenges on businesses at the local and regional levels. Despite this, the group is still achieving steady and strong growth, the effects of which will be yielded in the final results of the fiscal year, thanks to the balanced financial plan and the strategy of diversifying sources of income that have been adopted since the beginning of this year.”

Raed Fakhri, group chief executive of BNH, commented: “I would like to thank the esteemed board of directors for their continued support and confidence in the expertise and decisions of the group’s executives and teams in implementing the group’s strategies. The semi-annual results were as expected, both in terms of business growth in the group’s portfolio of investments, and in terms of the impact of market conditions, particularly within the insurance portfolio.

“We will continue to implement our diversification strategies and initiatives, as evidenced with the significant growth of the marketable portfolio returns and treasury portfolio returns. The strength of the group’s financial position and our substantial liquidity allows us to navigate market challenges and to manage key risks impacting the group to continually generate shareholder returns. I commend the team for their continued determination and creativity to deliver results.”

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