Bahrain firm's profit up 32pc
Manama, October 22, 2008
Bahrain Commercial Facilities Company (BCFC) saw this year's third-quarter net profit edge ahead to BD2.6 million ($6.9 million) from BD2.5 million for the same period of last year.
That took net profit for the first nine months rose to BD9.05 million, an increase of 32 per cent on the BD6.9 million earned in the same period last year, said a report in our sister publication, the Gulf Daily News.
BCFC is the owner of several of Bahrain's leading businesses including Bahrain Credit, National Motor Company, Tas'heelat Insurance Services Company and Tas'heelat Real Estate Services Company.
The announcement of the financial results coincides with the closing date for the BD25 million rights issue undertaken by the company.
"Achieving these results is an indication of the strong financial position of the company and its core businesses," said BCFC chairman Abdulrahman Y Fakhro.
"The company will continue its prudent policies and strategies and the proceeds of the rights issue will further strengthen the consumer finance business, address capacity improvement in the automotive business and help the company invest in new products and business lines." - TradeArabia News Service