BCFC net profit rises 24pc to $30m
Manama, March 15, 2009
Bahrain Commercial Facilities Company (BCFC) achieved record results last year, with its total consolidated net profit rising to BD11.4 million ($30.2 million), a 24 per cent increase compared to BD9.2 million in 2007.
This represents a return of 26.4 per cent on shareholders equity compared to 24.2 per cent in 2007, with per share earnings rising to 88 fils from 74 fils in 2007.
The ordinary annual general meeting yesterday approved a cash dividend of BD5,651,000, an increase of 30 per cent from BD4,349,000 in 2007.
All businesses have performed strongly in this prevailing economic downturn.
Bahrain Credit, reflecting caution in lending, further improved the quality of its portfolio. New lending of BD95 million also saw the portfolio increase 15 per cent over the previous year to BD150 million.
National Motor Company, fully owned by the BCFC, retained its number two position amongst the kingdom's car dealerships whilst contributing 31 per cent to group earnings.
Board chairman Abdulrahman Fakhro expressed his satisfaction at the strong results during this difficult business environment and said that the announcement of the results coincides with two events; the 25th anniversary of the company and the successful increase in the paid-up capital through a rights issue.
'The group's results are attributable mainly to the strong performance of all the business activities and are considered satisfactory in this prolonged economic downturn.'
'The company has in place a well-structured and robust balance sheet and is well positioned to continue to serve the community as the nation's leading provider of consumer finance,' deputy chief executive officer Adel Hubail said.-TradeArabia News Service