Bahrain National Holding Company (Trading Code: BNH) the parent company of Bahrain National Insurance (bni) and Bahrain National Life Assurance (bnl) announces its financial results for the first quarter period ended 31st March 2022.
The Group achieved during the first quarter ended 31st March 2022, a net profit attributable to the shareholders of BD7.78 million, compared to BD1.89 million during the first quarter of the previous year, an increase of 312%. Earnings per share during the first quarter increased to 69.1 fils compared to 16.7 fils in the first quarter of the previous year. The total comprehensive income attributable to the shareholders for the first quarter ended 31st March 2022 increased by 326% to BD5.86 million, compared to BD1.37 million during the previous period of last year.
The increase in the net profit for the three months period ended 31st March 2022 in comparison to similar period of the previous year was primarily due to an extraordinary non-recurring gain on reclassification, amounting to BD5.87 million. The reclassification relates to The Arabian Shield Cooperative Insurance Company, KSA (ASCIC), an equity accounted investee, that was reclassified to available-for-sale investment, on reassessment of “significant influence” after dilution of BNH’s stake from 15% to 9.4%. The dilution was the result of a merger between ASCIC, with Al Ahli Takaful Company in KSA effective January 2022. It’s worth noting, that the profit on reclassification has no direct impact on the cash flows of the Group and is merely a result of adhering to relevant accounting standards.
