24.02.2016, 08:25
Bahrain Commercial Facilities Company BSC has reported a net profit of BD 17.4 million
OREANDA-NEWS. Bahrain Commercial Facilities Company BSC has reported a net profit of BD 17.4 million, 20% higher than BD 14.5 million earned in 2014. Profit for the fourth quarter of 2015 was BD 4.4 million (2014: BD 3.3 million). The Board has recommended a cash dividend of 45% (2014: 45%).
On this occasion, Mr. Abdulrahman Fakhro, The Chairman of the Board stated, “the BCFC Group and its all subsidiary companies relentless efforts of continuous refinement of its core competencies and further strengthening of its solid and successful business model have resulted in recording the highest net profit in its history.”
The Company’s consumer finance business, Bahrain Credit, achieved a net profits of BD 12.2 million (2014: 9.8 million). The Company has underwritten new loans of BD 139 million (2014: BD 115 million) resulting in 16% growth in the loan portfolio to BD 230 million (2014: BD 198 million). It is pleasing to note that the new loans were distributed across all products thereby diversifying risk. Imtiaz continued to build on its success and now has more than twenty five thousand credit card customers. The quality of the portfolio remained a key focus with the non-performing loans at 2.8% of the total loan portfolio which are adequately provided. In the automotive business, National Motor Company achieved a consolidated net profit of BD 2.1 million for the year ended 31 December 2015 (2014: BD 2.0 million).
In Bahrain operations the Company has further refined its brand focused strategy and achieved net profit of BD 3.1 million. The company continued to fine tune it’s after sales service operations to improve customers overall car ownership experience to further increase their retention. The consolidated results are net of losses of its wholly owned subsidiary which has affected by the instability in Kurdistan region. The Company is constantly monitoring the situation closely to reduce its losses and proactively take the needed measures. In 2015, the Company has been awarded as an exclusive franchise of Mack Defense, a coveted truck manufacturing company based in United States of America for Bahrain market.
In October 2015 the Company has achieved an important milestone through adding a fast growing high quality Chinese automotive brand. The vehicle range from GAC Motors has been introduced to Bahrain market under the umbrella of Tasheelat Automotive Company, a newly incorporated company which is fully owned by the BCFC Group. The customers reception for the new brand is highly encouraging, with all the cars sourced in first order were sold in very short time.
The Company’s real estate division, T’asheelat Real Estate Services Company has an excellent year and reported net profits of BD 2.1 million (2014: BD 1.9 million). The Company remained committed to its endeavor of addressing the aspirations of citizens for affordable housing solutions and has introduced three new land projects. All the company’s investment properties have maintained healthy occupancy rates and generated steady and reliable yields.
Tasheelat Insurance Services Company reported a net profit of BD 1,010 thousand (2014: BD 813 thousand). The Company has provided a wide range of insurance broking services and arranged in excess of twenty three thousand motor insurance policies. The Company aspire to be the first choice of customers for their insurance needs through providing innovative solutions. This has resulted in high renewal rate from the existing customers.
The Group’s liquidity position remained strong and healthy. During the year, the Company has successfully replaced USD 100 million loan with a new 5 year USD125 million syndicated loan facility. The Group is operating at a low leverage of 1.7 which will facilitate further expansions and growth plans.
Dr. Adel Hubail, Chief Executive Officer observed, “The BCFC Group has delivered a steady growth in all the businesses and profitability in challenging economic conditions. The Group companies shall further bolster its business model through continuous refinement in its service offerings and the introduction of new initiatives identified in the recently approved 3 years strategic plan for 2016-2018. With the available strong equity, the Group will continue to look for investments that will increase shareholder’s value as and when opportunities present themselves”.
On this occasion, Mr. Abdulrahman Fakhro, The Chairman of the Board stated, “the BCFC Group and its all subsidiary companies relentless efforts of continuous refinement of its core competencies and further strengthening of its solid and successful business model have resulted in recording the highest net profit in its history.”
The Company’s consumer finance business, Bahrain Credit, achieved a net profits of BD 12.2 million (2014: 9.8 million). The Company has underwritten new loans of BD 139 million (2014: BD 115 million) resulting in 16% growth in the loan portfolio to BD 230 million (2014: BD 198 million). It is pleasing to note that the new loans were distributed across all products thereby diversifying risk. Imtiaz continued to build on its success and now has more than twenty five thousand credit card customers. The quality of the portfolio remained a key focus with the non-performing loans at 2.8% of the total loan portfolio which are adequately provided. In the automotive business, National Motor Company achieved a consolidated net profit of BD 2.1 million for the year ended 31 December 2015 (2014: BD 2.0 million).
In Bahrain operations the Company has further refined its brand focused strategy and achieved net profit of BD 3.1 million. The company continued to fine tune it’s after sales service operations to improve customers overall car ownership experience to further increase their retention. The consolidated results are net of losses of its wholly owned subsidiary which has affected by the instability in Kurdistan region. The Company is constantly monitoring the situation closely to reduce its losses and proactively take the needed measures. In 2015, the Company has been awarded as an exclusive franchise of Mack Defense, a coveted truck manufacturing company based in United States of America for Bahrain market.
In October 2015 the Company has achieved an important milestone through adding a fast growing high quality Chinese automotive brand. The vehicle range from GAC Motors has been introduced to Bahrain market under the umbrella of Tasheelat Automotive Company, a newly incorporated company which is fully owned by the BCFC Group. The customers reception for the new brand is highly encouraging, with all the cars sourced in first order were sold in very short time.
The Company’s real estate division, T’asheelat Real Estate Services Company has an excellent year and reported net profits of BD 2.1 million (2014: BD 1.9 million). The Company remained committed to its endeavor of addressing the aspirations of citizens for affordable housing solutions and has introduced three new land projects. All the company’s investment properties have maintained healthy occupancy rates and generated steady and reliable yields.
Tasheelat Insurance Services Company reported a net profit of BD 1,010 thousand (2014: BD 813 thousand). The Company has provided a wide range of insurance broking services and arranged in excess of twenty three thousand motor insurance policies. The Company aspire to be the first choice of customers for their insurance needs through providing innovative solutions. This has resulted in high renewal rate from the existing customers.
The Group’s liquidity position remained strong and healthy. During the year, the Company has successfully replaced USD 100 million loan with a new 5 year USD125 million syndicated loan facility. The Group is operating at a low leverage of 1.7 which will facilitate further expansions and growth plans.
Dr. Adel Hubail, Chief Executive Officer observed, “The BCFC Group has delivered a steady growth in all the businesses and profitability in challenging economic conditions. The Group companies shall further bolster its business model through continuous refinement in its service offerings and the introduction of new initiatives identified in the recently approved 3 years strategic plan for 2016-2018. With the available strong equity, the Group will continue to look for investments that will increase shareholder’s value as and when opportunities present themselves”.
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