UGH announces results for first quarter of 2019

Bahrain:– United Gulf Holding Company B.S.C. (“UGH”) announced its results for the first quarter of 2019. The Company announced while disclosing its results, a net profit attributable to shareholders of parent of US$ 4.9 million for the first quarter ended 31 March 2019.

Key Financial Highlights:

• Net profit attributable to shareholders of the parent decreased by 3% to US$ 4.9 million (2018: US$ 5.1 million).

• Net consolidated profit increased by 24% to US$ 7.9 million (2018: US$ 6.4 Million).

• Total income increased by 37% to US$ 62.5 million (2018: 45.5 million).

• Operating income before expenses and provisions increased by 41% to US$ 41.4 million (2018: 29.4 million).

• Operating income before provisions and taxation decreased by 4% to US$ 11.2 million (2018: 11.7 million).

• Total comprehensive loss decreased by 93% to US$ 0.4 million (2018: USD 5.8 million).

• Basic earnings per share for the quarter 0.54 cents (2018: 0.57 cents)

• Total assets of US$ 3.3 billion (2018: 3.4 billion).

• Total equity of US$ 545.7 million (2018: 548.5 million).

Financial Performance

UGH recorded net profit attributable to shareholders of the parent of US$ 4.9 million (2018: US$ 5.1 million). Total income before interest and other expenses amounted to US$ 62.5 million (2018: 45.5 million).

UGH maintained total assets at US$ 3.3 billion as at 31 March 2019 (Dec 2018: 3.4 billion) with an equity of US$ 545.7 million compared to 548.5 million in December 2018.

Commenting on the results, Mr. Hussain Lalani, Chief Executive Officer, said:

“As the results of the first quarter depict we are on course for another strong profitable year. Our focus remains on consolidation, bringing capital efficiency to the business and ensuring cost rationalization. Our investments portfolio stands on good stead and we are constantly looking at ways to further improve profitability, while maintaining asset quality and identifying growth opportunities. We are cautiously optimistic about the future and expect 2019 to be another profitable year for the Group.”

The press release and the full set financial statements are available on Bahrain Bourse’s website.

-Ends-

About UGH:

UGH is a subsidiary of KIPCO Group and through its underlying investments conducts merchant banking activities. Group’s proprietary investments include assets in commercial banking, real estate, private equity, and quoted securities. Assets under management held through its subsidiary UGB increased from US$ 12.6 billion in 31 December 2018 to US$ 13.3 billion in 31 March 2019.

As of 31st December 2018, UGH’s directly and indirectly held core subsidiaries and associates include: United Gulf Bank B.S.C, Burgan Bank, KAMCO Investment Company (KAMCO), FIMBank p.l.c, North Africa Holding Company, United Gulf Financial Services – North Africa, Gulf Investment House, United Capital Transport Company and United Real Estate Company.

UGH’s subsidiaries, UGB and KAMCO have a proven track record of successfully completing more than 60 investment banking transactions for its clients since 2001 with an aggregate value of over US$ 10 billion including corporate finance, advisory, new issue placement and underwriting, corporate restructuring, bond issuance and merger and acquisition.

For further information:
United Gulf Holding Company
info@ughbah.com
T: +97317520150

© Press Release 2019