Bahrain National Holding Company (BNH) Group achieved a net profit attributable to the shareholders of BD1.08 million for the fourth quarter ended December 31, 2024 compared to a net profit of BD1.48m during the fourth quarter of the previous year, a decrease of 27 per cent.

The earnings per share for the fourth quarter decreased to 9 fils compared to 12 fils during the same period of 2023.

The total comprehensive income attributable to the shareholders for the fourth quarter was BD0.39m, compared to BD1.27m during the same period of 2023, a decrease of 69pc.

For the year ended December 31, 2024, the group achieved a net profit attributable to the shareholders of BD5.16m, compared to BD6.93m during the last year, a decrease of 25pc. Earnings per share decreased to 43 fils compared to 58 fils for the year 2023. The total comprehensive income attributable to the shareholders for 2024 decreased to BD5.94m, compared to BD8.12m during the last year of 2023, a decrease of 27pc.

The decline in net profit was primarily attributed to lower insurance service results, driven by a one-off natural event and increased claims costs for BNH’s insurance companies.

The total shareholders’ equity (excluding non-controlling interest) as of end-2024 increased to BD72.12m compared to BD70.05m as of end-2023, an increase of 3pc. The total assets reached BD111.92m compared to BD111.02m as of end-2023.

In view of the performance in 2024, and after taking into consideration BNH’s future capital requirements, the board of directors is pleased to recommend an annual cash dividend of 35pc and equivalent to 35 fils per share amounting to BD4.17m, compared to the approved dividend of 35pc and equivalent to 35 fils per share in 2023 amounting to BD4.17m, subject to shareholders’ approval at the annual general meeting.

BNH chairman Abdulhusain Dewani commented: “Despite an increasingly complex and competitive landscape, BNH successfully navigated 2024 to deliver another year of robust returns. Our portfolio companies excelled in their respective industries, as demonstrated by the consolidated results.

“I commend the respective boards and management teams for their efforts in achieving these outcomes. As we continue to implement our strategic plan into 2025, we are optimistic about the future. We are confident that our strategic direction will deliver further value to our shareholders and community,” he added.

Mr Fakhri

BNH Group chief executive Raed Fakhri commented: “The year 2024 was a year of unprecedented achievement, underpinned by our active portfolio management approach. Managing our capital effectively to deliver shareholder returns is our utmost priority. BNH’s balance sheet remains strong with our assets and equity increasing year on year and our portfolio of assets continuing to perform well.

“Our largest portfolio exposure, insurance, demonstrated significant topline growth and overall resilience to increasing claims. Other portfolio companies including UIC, NFH, Al Kindi Hospital, have also improved in profitability. Looking ahead, BNH continues to make significant strides in executing our strategic initiatives, designed to drive shareholder value and position BNH for future growth.

“I sincerely appreciate the support of the board of directors and extend my gratitude to the BNH team and the teams across our portfolio of companies for their dedication and achievements throughout the year. I look forward to building on this momentum and exploring new opportunities in 2025.”

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