Consistent resilience and profitability despite market challenges
Manama: Bahrain National Holding (Trading Code: BNH) announced its financial results for the third quarter and for the nine-months period ended 30th September 2024.
For the third quarter ended 30th September 2024, the Group achieved a net profit attributable to the shareholders of BD1.45 million, compared to BD1.28 million during the third quarter of the previous year, an increase of 13%. Earnings per share during the third quarter increased to 12 fils compared to 11 fils in the third quarter of the previous year. The total comprehensive income attributable to the shareholders for the third quarter ended 30th September 2024 increased to BD1.02 million, compared to BD0.76 million during the same period of the previous year, an increase of 34%.
For the nine-month period ended 30th September 2024, the Group achieved a net profit attributable to the shareholders of BD4.09 million, compared to BD5.45 million in the correspondence period, a decrease of 25%. The decrease is primarily attributed to higher claims incurred in the first half of 2024, which were influenced by significant rainfall at the beginning of the year and the increase in vehicle and health claims. Earnings per share were 34 fils compared to 46 fils for the nine-month period of 2023. The total comprehensive income attributable to the shareholders for the nine-month period ending 30th September 2024 was BD5.55 million, compared to BD6.85 million during the same period of the previous year, a decrease of 19%.
The total shareholders’ equity (excluding non-controlling interest) as at the nine-month period ended 30th September 2024 increased by 2% to BD71.73 million compared to BD70.05 million as at the end of the previous year. The total assets reached BD118.06 million compared to BD111.02 million at the end of the previous year, with an increase of 6%.
Mr. Raed Fakhri, Group Chief Executive of BNH, commented: “The third quarter results for 2024 reflect the dedicated efforts of our board members and the management team this year, focusing on proactive risk management and adopting more agile and diversified investment strategy.
We were able to exceed the expected results of this quarter by leveraging the strong investments performance, which will eventually balance our final results. We remain optimistic about achieving a strong outcome this year, especially as we work towards a successful exit from two of our portfolio companies, bni and bnl”.
