Manama, Kingdom of Bahrain – SICO BSC (c), licensed as a conventional wholesale bank by the Central Bank of Bahrain “CBB”, announced today its consolidated results for the second quarter and six months ended 30 June 2023.

SICO’s consolidated net profit attributable to shareholders surged 223% to record BD 892 thousand (USD 2.4 million) in the second quarter of 2023 compared to BD 276 thousand (USD 732 thousand) recorded in the same three-month period of last year. Higher profitability in the second quarter was supported by positive market sentiment and continued upward momentum across regional and global equity markets, which was reflected in sustained growth across SICO’s business lines. Earnings per share (EPS) recorded 2.08 Bahraini fils in the second quarter of the year versus 0.65 Bahraini fils in the comparable quarter of 2022. SICO reported total comprehensive income of BD 1.0 million (USD 2.7 million) for the second quarter of 2023, compared to a total comprehensive loss of BD 360 thousand (USD 955 thousand) booked in the same quarter of last year.

SICO recorded consolidated net profit attributable to shareholders for the first six months of 2023 amounting to BD 1.6 million (USD 4.3 million), representing a 34% decrease from the BD 2.5 million (USD 6.6 million) recorded in the first half of 2022. The BD 2.5 million profit in 2022 includes a one-off income of BD 1.0 million (USD 2.7 million), resulting from proceeds received in lieu of a written-off investment in earlier years. EPS were 3.87 Bahraini fils for the first six months of 2023 compared to 5.88 Bahraini fils for the same period of 2022. SICO reported total comprehensive income attributable to shareholders of BD 1.6 million (USD 4.3 million) for the first half of 2023, as compared to a total comprehensive income attributable to shareholders of BD 2.2 million (USD 5.7 million) booked in the first six months of 2022, representing a decrease of 25%.

Total equity attributed to shareholders stood at BD 67.5 million (USD 179.1 million) as of 30 June 2023 compared to BD 70.0 million (USD 185.6 million) recorded at year-end 2022, representing a 3.5% decrease. Treasury shares amounting to BD 1.9 million (USD 5.1 million) were acquired during the period, which is the primary reason for the decrease in the equity balance. SICO’s total assets recorded BD 346.1 million (USD 918.2 million) as at 30 June 2023, an increase of 24% from the BD 280.0 million (USD 742.7 million) recorded at year-end 2022.

SICO’s net investment income rose by 240% to BD 2.3 million (USD 6 million) in the first six months of 2023 from BD 668 thousand (USD 1.8 million) last year, on the back of a strong second quarter performance. On the other hand, SICO’s net fee income recorded BD 3.2 million (USD 8.5 million), a 42% decrease from BD 5.4 million (USD 14.4 million) achieved in the first half of 2022, mainly on account of higher performance fees booked in the same period of 2022 in Saudi Arabia and Bahrain. Meanwhile, brokerage and other income came in at BD 1.0 million (USD 2.8 million) for the first half of 2023, a 19% decline from the BD 1.3 million (USD 3.4 million) recorded in the first half of 2022.

On a gross basis (including leverage) SICO’s assets under management (AUMs) rose  22% by BD 400 million (USD 1.1 billion) to BD 2.2 billion (USD 5.8 billion) compared to BD 1.8 billion (USD 4.8 billion) at year-end 2022.

Commenting on SICO’s performance for the first half of 2023, Chairman of the Board of SICO, Mr. Abdulla Kamal, said, “With the first six months of the year now behind us, I am pleased to announce that our financial performance has remained strong, with our second-quarter results displaying robust growth versus last year and, despite market volatility over the past decade, our AUMs continued to grow. The first half of 2023 saw us take important strides forward aimed at achieving progress in expanding our client base and our ambitious strategic plans for value creation and long-term growth.”

Chief Executive Officer of SICO, Ms. Najla Al-Shirawi, added, “We continued to leverage our diversified offering, expanded footprint, and strategic partnerships to successfully capitalize on the GCC markets’ upward trend, which saw markets across the region post sustained growth throughout the second quarter. In the last three months, SICO’s business lines continued to deliver impressive performances, with our funds consistently outperforming benchmark indices and AUMs in equities ,bonds and sukuk, reaching a record-high – a testament to the effectiveness of our investment strategies and the appeal of our increasingly tailored offering. Lastly, in line with our unwavering dedication to safeguarding the interests of our valued clients and shareholders, we continue to invest in our people, technology, and systems and maintain a strong balance sheet as evidenced by our increasing cash balances and growing client accounts.”

SICO was named Best Investment Bank in Bahrain at the 2023 Global Finance World’s Best Investment Banks Awards for the fourth consecutive year. It was also recognized as Best Investment Bank in Bahrain by the Euromoney Awards 2023. Additionally, SICO won Best MENA Fixed Income Fund Strategy (1 Year) 2023 at the Bonds, Loans & Sukuk Middle East Awards. SICO continues to be the Kingdom’s leading broker, with a 49% market share for the first half of 2023, and the most active market maker for 25 consecutive years.

SICO is listed on Bahrain Bourse (“BHB”) and its code is SICO-C. The press release and full set of financial statements will be available on SICO and BHB websites.

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About SICO

SICO is a leading regional asset manager, broker, market maker and investment bank, with over USD 5 bn in assets under management (AUM). Today SICO operates under a wholesale banking licence from the Central Bank of Bahrain and oversees three wholly owned subsidiaries: an Abu Dhabi-based brokerage firm, SICO Financial Brokerage, a specialised regional custody house, SICO Fund Services Company (SFS), and a Saudi-based investment banking company, SICO Capital. Headquartered in the Kingdom of Bahrain with a growing regional and international presence, SICO has a well-established track record as a trusted regional bank offering a comprehensive suite of financial solutions, including asset management, brokerage, investment banking, and market making, backed by a robust and experienced research team that provides regional insight and analysis of more than 90 percent of the region’s major equities. Since inception in 1995, SICO has consistently outperformed the market and developed a solid base of institutional clients. Going forward, the bank’s continued growth will be guided by its commitments to strong corporate governance and developing trusting relationships with its clients. The bank will also continue to invest in its information technology capabilities and the human capital of its 150 exceptional employees across the Group.

Media Contact:
Ms. Nadeen Oweis
Head of Corporate Communications, SICO
Email: noweis@sicobank.com