consolidated net income of BD 1.102 million for the first three months of 2007, with Assets Under Management reaching BD133.5 million.
Securities & Investment Company (SICO) announced yesterday a net profit of BD1.102 million for the first quarter of this year, an increase of 8.4 percent when compared to 2006’s first quarter profits of BD1.017 million.
Total income increased by 18 percent to BD1.796 million (1Q06: BD1.522 million) while earnings per share reached Bahrain fils 8, compared to Bahrain fils 7 for the corresponding period last year. Assets Under Management increased by 6 percent to BD 133.5 million (1Q06: BD125.9 million). Assets Under Custody increased by 12.5 percent to BD234.8 million from BD208.8 million in the first quarter of 2006.
Net interest income grew by 3.4 percent over the same period last year to BD 121 thousand (1Q06: BD 117 thousand). Gains on trading securities amounted to BD 415 thousand compared to BD 263 thousand loss in the previous year). Dividend income grew by 75% to BD 380 thousand (1Q06: BD 217 thousand) and other income, which includes brokerage commissions, corporate finance fees, assets under management fees and marketing commissions, dropped by 15 percent to BD 833 thousand (1Q06: BD 980 thousand).
Total expenses increased to BD 694 thousand (1Q06: BD505 thousand) reflecting increased Staff, General and administrative expenses.
Shaikh Mohammed bin Isa Al Khalifa, Chairman of Securities & Investment Company, said, “We are delighted to be able to announce a strong performance in the first quarter of 2007. All SICO’s business units made their contribution to the success of these results by focusing on delivering high quality, innovative services as well as seeking out value for our clients. We believe the continued successful execution of SICO’s strategy combined with our overall conservative and balanced stance will deliver good growth in the future as well as increasing value to our shareholders.”
Securities & Investment Company is a securities house offering a selective range of investment banking services, including asset management, brokerage, corporate finance and market-making on a regional basis and with a particular emphasis on Bahrain. SICO was incorporated in Bahrain in 1995 and holds an investment-banking license from the Central Bank of Bahrain.
As of March 31, 2007, SICO had total assets of BD 60.107 million, with shareholders’ equity of BD 28.847 million. SICO’s shares have been listed on the Bahrain Stock Exchange since May 2003. Securities & Investment Company was the first ‘closed’ company to list on the exchange.
