SICO BSC c : Reports BD 1.9 Million (USD 4.9 Million) Net Profit Attributable to Shareholders for the First Quarter of 2024, a 153% Increase From the Previous Year

SICO Reports BD 1.9 Million (USD 4.9 Million) Net Profit Attributable to Shareholders for the First Quarter of 2024, a 153% Increase From the Previous Year 13/05/2024

SICO recorded a consolidated net profit attributable to shareholders amounting to BD 1.9 million (USD 4.9 million) in the first quarter of 2024 compared to BD 737 thousand (USD 2.0 million) recorded in the same quarter last year, reflecting a 153% year on year increase.

The increase in net profitability is attributable to the solid performance across all the lines of business, with brokerage and other income witnessing significant growth. The growth in the overall AUMs also resulted in improving the sustainable fee income, in terms of management fees, investment banking fees and custody and fund administration fees.
Earnings per share (EPS) recorded 4.55 Bahraini fils in the first quarter of the year compared to 1.79 Bahraini fils in the first quarter of 2023. SICO reported a total comprehensive income of BD 1.8 million (USD 4.8 million) for the first quarter of 2024, compared to a total comprehensive income of BD 591 thousand (USD 1.6 million) booked in the same quarter last year, reflecting a 205% increase.
The total operating income for the first quarter of 2024 increased by 30% to BD 5.3 million (USD 14.1 million) as compared to BD 4.1 million (USD 10.8 million) achieved in the same period of the previous year.
Total equity attributed to shareholders stood at BD 70.1 million (USD 185.9 million) as at 31 March 2024, noting that a dividend of BD 2.1 million (USD 5.7 million) was paid to the equity shareholders for the year 2023, during the first quarter of 2024, while total assets grew by 4% to BD 403.6 million (USD 1.1 billion) as at 31 March 2024.
SICO's net investment income for the first quarter of 2024 remained at BD 1.0 million (USD 2.8 million) in similar lines to the previous year. Net fee income for the first quarter stood at BD 2.2 million (USD 5.7 million) compared to BD 1.6 million (USD 4.2 million) for the same period the previous year, reflecting a 35% y-o-y increase. Meanwhile, net interest income saw a slight decline of 3% yo- y to BD 907 thousand (USD 2.4 million) in 2024 compared to BD 931 thousand (USD 2.5 million) in 2023. Finally, brokerage and other income recorded BD 1.2 million (USD 3.2 million) for the first quarter of 2024, a 126% y-o-y increase from the BD 527 thousand (USD 1.4 million) recorded in the same period last year.
On a gross basis (including leverage), SICO's assets under management (AUMs) grew 4% y-o-y to BD 2.4 billion (USD 6.2 billion) as of 31 March 2024, compared to BD 2.3 billion (USD 6.0 billion) recorded at year-end 2023. The growth in AUMs was driven by additional mandates and subscriptions to funds across asset classes and the continued outperformance of SICO's assets under management mandates and funds.
Chairman of the Board, Abdulla Kamal, commented on SICO first quarter performance, saying, "As we navigate the changing currents of the regional financial landscape, SICO's steadfast commitment to excellence continues to bear fruit. The first quarter of 2024 stands as a testament to our enduring dedication to delivering excellent results. Our foresight and meticulous planning have enabled us to not only weather challenges but to emerge stronger, recording commendable boosts in profit, and driving synergies across our diverse business lines and geographic locations."
Group Chief Executive Officer, Najla Al-Shirawi, said, "Our current focus on steadily growing our assets under management and diversifying our product suite across geographies reflects our dedication to meeting the evolving needs of our clients and stakeholders. All our business lines contributed positively during the first quarter of the year. In terms of funds and clients' portfolios under management, both continued to outperform benchmark indices, with assets under management rising to their highest-ever recorded levels. SICO succeeded in cementing its position as the partner of choice for significant M&A transactions in Bahrain and retained its top ranking in terms of both value and volume of transactions for brokerage. Additionally, we established a new strategic partnership in Oman, which is set to boost our regional presence as we aim to replicate the long-term success of our flagship funds. We are continuing to strategically align our business units to leverage synergies and foster collaboration and efficiency across our diverse portfolio. This holistic approach has not only fortified our position in existing markets but has also paved the way for expansion into new territories, amplifying our growth trajectory."
SICO kicked off the year being named Best Investment Bank in Bahrain at the 2024 Global Finance World's Best Investment Banks awards for the fifth consecutive year. It also continues to be the Kingdom's leading broker, with a 63% market share in the first quarter of 2024, and the most active market maker for 26 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.

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