“Topline growth and proven resilience”
MANAMA: Bahrain National Holding Company (Trading Code: BNH) announced its financial results for the fourth quarter and for the year ended 31st December 2024.
For the fourth quarter ended 31st December 2024, the Group achieved a net profit attributable to the shareholders of BD1.08 million compared to a net profit of BD1.48 million during the fourth quarter of the previous year, a decrease of 27%. The earnings per share for the fourth quarter decreased to 9 fils compared to 12 fils during the same period of 2023. The total comprehensive income attributable to the shareholders for the fourth quarter ended 31st December 2024 was BD0.39 million, compared to BD1.27 million during the same period of 2023, a decrease of 69%.
For the year ended 31st December 2024, the Group achieved a net profit attributable to the shareholders of BD5.16 million, compared to BD6.93 million during the last year, a decrease of 25%. Earnings per share decreased to 43 fils compared to 58 fils for the year 2023. The total comprehensive income attributable to the shareholders for the year ended 31st December 2024 decreased to BD5.94 million, compared to BD8.12 million during the last year of 2023, a decrease of 27%.
The decline in net profit was primarily attributed to lower insurance service results, driven by a one-off natural event and increased claims costs for BNH's insurance companies.
The total shareholders' equity (excluding non-controlling interest) at the end of the year 2024 increased to BD72.12 million compared to BD70.05 million as at the end of the previous year, an increase of 3%. The total assets reached BD111.92 million compared to BD111.02 at the end of the last year.
In view of the performance in 2024, and after taking into consideration BNH's future capital requirements, the Board of Directors is pleased to recommend an annual cash dividend of 35% and equivalent to 35 fils per share amounting to BD4.17 million, compared to the approved dividend of 35% and equivalent to 35 fils per share in 2023 amounting to BD4.17 million, subject to shareholders’ approval at the Annual General Meeting.
Mr. Abdulhusain Dewani, Chairman of Bahrain National Holding, commented: “Despite an increasingly complex and competitive landscape, BNH successfully navigated 2024 to deliver another year of robust returns. Our portfolio companies excelled in their respective industries, as demonstrated by the consolidated results.”
“I commend the respective boards and management teams for their efforts in achieving these outcomes. As we continue to implement our strategic plan into 2025, we are optimistic about the future. We are confident that our strategic direction will deliver further value to our shareholders and community” he added.
Mr. Raed Fakhri, Group Chief Executive of BNH, commented, saying: “2024 was a year of unprecedented achievement, underpinned by our active portfolio management approach. Managing our capital effectively to deliver shareholder returns is our utmost priority. BNH’s balance sheet remains strong with our assets and equity increasing year on year and our portfolio of assets continuing to perform well.”
“Our largest portfolio exposure, insurance, demonstrated significant topline growth and overall resilience to increasing claims. Other portfolio companies including UIC, NFH, Al Kindi Hospital, have also improved in profitability. Looking ahead, BNH continues to make significant strides in executing our strategic initiatives, designed to drive shareholder value and position BNH for future growth.”
“I sincerely appreciate the support of the Board of Directors and extend my gratitude to the BNH team and the teams across our portfolio of companies for their dedication and achievements throughout the year. I look forward to building on this momentum and exploring new opportunities in 2025.”
