Bahrain banking sector top performer on bourse
Manama, March 24, 2011
The Bahraini banking sector was the best profit performing one on the Bahrain Bourse last year recording a rise of 49.9 per cent, according to research by Kuwait-based Global Investment House.
Overall the Bahrain Bourse saw its total listed companies managed to post a higher gross profit for the year.
The 36 Bahraini companies listed in the bourse, excluding two companies whose year end is not December 31, two companies suspended and four who did not announce their annual results up till this date, recorded an aggregate net profit of BD450 million ($1.2 billion) compared to BD230.4 million recorded in 2009.
Most of the Bahraini sectors witnessed a decline in their net profit banking sector and hotels and tourism sector which was up 12.1 per cent.
The services sector reported a decrease of 15.9 per cent in profit for the year whilst the industrial sector switched to being profit making, earning BD140.1 million compared to a loss of BD79.7 million in 2009.
Companies listed in the investment sector witnessed a turbulent year and made a profit of BD57.6 million compared to BD64.3 million in 2009.
The majority of the companies listed in the services sector witnessed increases in their net profit but as a whole, profit declined to BD128.8 million from BD153.2 million largely because of a profit fall at Batelco.-TradeArabia News Service