30.07.2015, 16:39
Bahrain Commercial Facilities Company BSC Reported Excellent Half Yearly Results
OREANDA-NEWS. Bahrain Commercial Facilities Company
(BCFC)
has
reported
a consolidated net profit of
BD
8.5
million
for the
first
six months
of
201
5
,
1
8
% higher than
same period last year
(201
4
: BD
7.2
million)
.
Net p
rofit
for the
three months period ended 3
0
June
201
5
w
as
BD
4.
4
million
,
compared to
BD
4.2
million
earned
in
similar period in
2014.
On this occasion, Mr. Abdulrahman Fakhro , the Chairman of the Board has expressed his satisfaction on the results achi e ved . He stated that , “ The results demonstrate strong performance , solid business model and continued expansion in all the business segments of the Company while maintaining a very comfortable liquidity pos ition”.
The Company’s consumer finance business, Bahrain Credit, achieved net profit of BD 5.7 million (2014: BD 4.7 million). The Company has disbursed new loans over BD 69 million in the first half of the year resulting in 8% increase in loan portfolio to BD 214 .8 million (Dec’14: BD 198 .5 million) . The company continued its conservative underwriting policies and further improved portfolio quality. The non - performing loans further reduced to 2.6% of the total loans portfolio.
In the automotive business, National Motor Company has registered a net profit of BD 1. 3 million for the six months ended 30 June 201 5 (201 4 : BD 1. 1 million). The overall market share of the Honda and GM brands have been maintained despite the tough competition in the local market. The company has continued t o refine its operat ions, foster close cooperation with the principals, and continued high standards of After - sale services. The sales in the wholly owned subsidiary Tas’heelat for General Trading and Cars WLL in Erbil, Ku rdistan is impacted by the volatile political situation in Iraq.
The Company’s real estate division, T’asheelat Real Estate Services Company has reported net profits of BD 993 thousand (2014: BD 1.0 million). The company’ s newly introduced land project in Saar area has been well received by the Bahraini customers looking for affordable housing . The Company’s rental properties portfolio also continue d to offer high occupancy rates while providing steady and reliable annuity style yields.
The insurance services business represented by the wholly owned subsidiary T’asheelat Insurance Services Company continued to build its market presence and delivered a 26 % increase in net profit to BD 515 thousand for the six months ended 3 0 June 201 5 (201 4 : BD 410 thousand).
“The Company’s good performance in all the four business segments, in an economy continued to be stressed due to regional events, is encouraging . Management remained mindful of the need for adaptability and responsiveness to the changing conditions . This is to mitigate risks and seek business opportunities.” said Chief Executive Officer Dr. Adel Hubail.
The BCFC Group has a very low leverage which uniquely positioned it to explore further profitable opportunities that will further improve its return to th e company’s shareholders.
On this occasion, Mr. Abdulrahman Fakhro , the Chairman of the Board has expressed his satisfaction on the results achi e ved . He stated that , “ The results demonstrate strong performance , solid business model and continued expansion in all the business segments of the Company while maintaining a very comfortable liquidity pos ition”.
The Company’s consumer finance business, Bahrain Credit, achieved net profit of BD 5.7 million (2014: BD 4.7 million). The Company has disbursed new loans over BD 69 million in the first half of the year resulting in 8% increase in loan portfolio to BD 214 .8 million (Dec’14: BD 198 .5 million) . The company continued its conservative underwriting policies and further improved portfolio quality. The non - performing loans further reduced to 2.6% of the total loans portfolio.
In the automotive business, National Motor Company has registered a net profit of BD 1. 3 million for the six months ended 30 June 201 5 (201 4 : BD 1. 1 million). The overall market share of the Honda and GM brands have been maintained despite the tough competition in the local market. The company has continued t o refine its operat ions, foster close cooperation with the principals, and continued high standards of After - sale services. The sales in the wholly owned subsidiary Tas’heelat for General Trading and Cars WLL in Erbil, Ku rdistan is impacted by the volatile political situation in Iraq.
The Company’s real estate division, T’asheelat Real Estate Services Company has reported net profits of BD 993 thousand (2014: BD 1.0 million). The company’ s newly introduced land project in Saar area has been well received by the Bahraini customers looking for affordable housing . The Company’s rental properties portfolio also continue d to offer high occupancy rates while providing steady and reliable annuity style yields.
The insurance services business represented by the wholly owned subsidiary T’asheelat Insurance Services Company continued to build its market presence and delivered a 26 % increase in net profit to BD 515 thousand for the six months ended 3 0 June 201 5 (201 4 : BD 410 thousand).
“The Company’s good performance in all the four business segments, in an economy continued to be stressed due to regional events, is encouraging . Management remained mindful of the need for adaptability and responsiveness to the changing conditions . This is to mitigate risks and seek business opportunities.” said Chief Executive Officer Dr. Adel Hubail.
The BCFC Group has a very low leverage which uniquely positioned it to explore further profitable opportunities that will further improve its return to th e company’s shareholders.
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