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 third quarter and nine months ended 30 September 2024.

For the quarter, SICO’s consolidated net profit attributable to shareholders grew 274% year-on-year, to record BD 2.0 million (USD 5.4 million) in the third quarter of 2024 compared to BD 545 thousand (USD 1.4 million) recorded in the same three-month period of last year. This increase is primarily attributable to the increase in all business lines. Earnings per share (EPS) recorded 4.99 Bahraini fils in the third quarter of the year versus 1.27 Bahraini fils in the comparable quarter of 2023. SICO reported total comprehensive income attributable to shareholders of BD 2.5 million (USD 6.7 million) for the third quarter of 2024, compared to a total comprehensive income of BD 524 thousand (USD 1.4 million) reported in the same quarter of last year, representing a surge of 384%.

Total operating income for the third quarter of 2024 increased 66% to BD 6.4 million (USD 16.9 million) as compared to BD 3.8 million (USD 10.2 million) achieved in the same period of the previous year.

On a year-to-date basis, SICO recorded consolidated net profit attributable to shareholders for the nine months of 2024 amounting to BD 5.2 million (USD 13.8 million), representing a 140% increase from the BD 2.2 million (USD 5.8 million) recorded in the nine months of 2023. EPS stood at 12.76 Bahraini fils for the nine months of 2024 compared to 5.05 Bahraini fils for the same period last year. SICO reported total comprehensive income attributable to shareholders of BD 5.6 million (USD 14.7 million) for the nine months of 2024, as compared to a total comprehensive income of BD 2.1 million (USD 5.7 million) reported  in the nine months of 2023, representing a growth of 159%.

There was an increase of 36% to the total operating income, which grew from BD 12.2 million (USD 32.4 million) in 2023 to BD 16.6 million (USD 44 million) in 2024, reflecting the growth in net fee income and commissions, as well as net interest income.

Total equity attributed to shareholders increased by 4.8% to BD 73.8 million (USD 195.9 million) as of 30 September 2024 compared to BD 70.5 million (USD 187 million) recorded at year-end 2023, while total assets reduced by 2% to BD 381.7 million (USD 1 billion) as of 30 September 2024 compared to BD 389.9 (USD 1.03 billion) recorded at year-end 2023.

SICO’s net fee income recorded BD 8.0 million (USD 21.1 million), a 48% increase from BD 5.4 million (USD 14.3 million) achieved in the nine months of 2023. Furthermore, brokerage and other income came in at BD 3.1 million (USD 8.2 million) for the nine months of 2024, a 114% jump from the BD 1.4 million (USD 3.8 million) recorded in the nine months of 2023. Meanwhile, net investment income stood at BD 2.6 million (USD 6.9 million) in the nine months of 2024, slightly declining by 6% compared to BD 2.8 million (USD 7.3 million) for the same period last year, primarily due to the negative performance of the regional equities’ portfolio.

On a gross basis (including leverage) SICO’s assets under management (AUMs) rose 14% to BD 2.6 billion (USD 6.8 billion) in the nine months of the year compared to BD 2.3 billion (USD 6 billion) at year-end 2023. The growth in AUMs was driven by the launch of new funds, together with an additional increase in clients’ portfolios across asset classes.

Chairman of the Board of SICO, Mr. Abdulla Kamal, commented on SICO’s third quarter performance, saying, “The exceptional results achieved by SICO during the nine months of 2024 reflect the outstanding success in implementing SICO’s Vision 2025 strategy, launched at the beginning of 2023. This strategy has proven effective in boosting our performance and achieving our targets. Amid a complex competitive environment, SICO has witnessed significant increase in assets under management, continued excellence in the brokerage market, and growth in our investment banking services, including M&A activities and public and private capital market transactions. With a significant increase in profitability, we are grateful for the continued trust of our esteemed clients and continuously strive to create greater added value for our clients and shareholders while managing risks, ensuring that SICO remains at the forefront of the financial and investment services sector in the region.”

Group Chief Executive Officer of SICO, Ms. Najla Al-Shirawi, said, “The outstanding results achieved by SICO this year reflect the strength and resilience of our diversified business model, as well as our ability to implement our ambitious strategy across various areas. This growth in sustainable fee-based revenue, along with the strong performance of our investment banking activities, is the driving force behind these rewarding returns. Brokerage, in particular, has seen tremendous momentum, supported by the creation of unique opportunities for our clients despite the challenges of volatile market trends. SICO recently completed its role as Co-lead Manager for Lulu Retail’s shares in the largest IPO in the UAE this year. SICO has also been appointed as the Lead Manager for the IPO of the Al Abraaj Restaurant Group, with the public offering expected to launch before the end of the year. On another note, our funds continue to deliver outstanding performance, with our Khaleej Equity Fund celebrating its 20th anniversary this year. Over the years, it has achieved an average annual net return of 11.5%, exceeding its benchmark. This strong performance across SICO’s activities reflects our pioneering approach to capital management, which focuses on generating positive returns while minimizing market risk.”

SICO was named Best Investment Bank in Bahrain at the 2024 Global Finance World’s Best Investment Banks Awards for the fifth consecutive year. It was also recognized as the Best Securities House in Bahrain, Best Investment Bank in Bahrain, and Best Bank for Diversity and Inclusion in Bahrain by the Euromoney Awards 2024. SICO continues to be the Kingdom’s leading broker, with a 62% market share as of September 2024, 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.

About SICO

SICO is a leading regional asset manager, broker, market maker and investment bank, with over USD 6.3 bn in assets under management (AUM). Today SICO operates under a wholesale banking licence from the Central Bank of Bahrain and oversees two wholly owned subsidiaries: an Abu Dhabi-based brokerage firm, SICO Invest, 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