Solidarity Bahrain reports $16.18mln profit for H1 2025
During the quarter, the company has consolidated Bahrain National Insurance Company (BNI) and Bahrain National Life Company (BNL), effective April 1, 2025, in compliance with the applicable financial reporting standards.
The company reported a net profit attributable to shareholders' funds of BD4.710 million for the three-month period ended June 30, 2025, compared to BD1.196m for the corresponding period in the previous year, representing a 294pc increase.
The diluted earnings per share for the quarter stood at 27.72 fils, compared to 7.04 fils for the same period in 2024.
For the six-month period ended June 30, 2025, the net profit attributable to shareholders' funds was BD5.968m, compared to BD2.447m for the corresponding period in 2024, reflecting a 144pc increase.
The diluted earnings per share for the six-month period was 35.12 fils, up from 14.40 fils in 2024.
The total net profit and surplus for the three-month period ended June 30, 2025 was BD4.559m, compared to BD1.501m for the same period in 2024, reflecting a 204pc increase.
The total net profit and surplus for the six-month period ended June 30, 2025 was BD6.146m, compared to BD3.055m for the same period in 2024, representing a 101pc increase, primarily driven by the consolidation of BNI and BNL results, as well as gains recognised upon the reclassification of a financial investment to investment in associate as part of the consolidation adjustments.
Total equity attributable to shareholders as of June 30, 2025 stood at BD46.618m, compared to BD39.511m as of end-2024, reflecting an 18pc increase.
Total assets reached BD198.026m, compared to BD108.177m as of end-2024, marking an 83.1pc increase, mainly due to the consolidation of BNI and BNL in Q2 2025.
The policyholders' fund reported a net loss of BD151,000 for the three-month period ended June 30, 2025, compared to a surplus of BD305,000 in the same period of 2024, representing a decrease of 150pc.
For the six-month period, a net surplus of BD178,000 was recorded, compared to BD608,000 in 2024, reflecting a 71pc decrease.
Recognised takaful contributions for the three-month period ended June 30, 2025 stood at BD26.808m, compared to BD13.138m in the same period of 2024, marking a 104pc increase.
For the six-month period, contributions were BD40.462m, up from BD27.059m, reflecting a 50pc increase.
Commenting on the company's performance, Solidarity Bahrain chairman Shaikh Khalid bin Mustahail Al Mashani said: 'We are pleased to report strong financial results for the second quarter of 2025, driven significantly by the successful consolidation of BNI and BNL. This strategic move marks a milestone in our journey, contributing to remarkable growth in profit, equity, and overall assets. The company recorded a 144pc increase in half-yearly profit, reflecting our ability to integrate, scale, and extract value from strategic acquisitions. Our continued focus remains on enhancing value for our shareholders, customers, and all stakeholders through sustainable growth and performance.'
He added: 'We look to the future with confidence and are pursuing a long-term growth strategy aimed at delivering sustainable returns, ensuring Solidarity remains at the forefront of the local insurance industry. We are committed to expanding our business by seizing future growth opportunities, leveraging our deep-rooted expertise and solid experience in the insurance sector.'
Solidarity Bahrain chief executive Jawad Mohammed added: 'The company's outstanding results in Q2 2025 reflect the significant impact of consolidating BNI and BNL as well as organic growth during this quarter. This milestone has strengthened our financial position and underscores our forward-looking growth strategy, vision, and proven expertise in mergers and acquisitions.'
He continued: 'We remain committed to driving innovation and agility in our business model. As we have initiated the process of working towards a future merger with BNI and BNL, we aim to elevate our product and service offerings and deliver a more integrated, seamless customer journey. These efforts reinforce our ambition to lead the sector with a modern, resilient, and customer-centric insurance platform.'
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Tahawul Tech
7 minutes ago
- Tahawul Tech
Silicon Valley Archives
The iPhone maker is said to be spearheading a push by foreign consumer brands to remove a key obstacle in foreign investment in Saudi, encouraging an incremental step forward for women's rights in the Kingdom and paving the way for Apple and others to open their first offices or shops in the country.
Khaleej Times
7 minutes ago
- Khaleej Times
UAE: Golden Visa professionals set to drive Dubai property market, says Danube chief
UAE professionals holding a 10-year Golden Visa will be among the key drivers of Dubai's property market in the coming years, according to Rizwan Sajan, chairman of Danube Properties. 'Many medical professionals in the UAE have either received or qualify for the Golden Visa,' Sajan told Khaleej Times. "As a result, many are choosing to invest in Dubai property and remain in the country, both for their careers and retirement. This makes investing in Dubai real estate a logical decision for them,' he added. Sajan, an industry veteran, spoke during a recent open day event for doctors and healthcare professionals in the UAE, which featured a discounted payment plan for attendees. Introduced after the Covid-19 pandemic, the UAE has been offering a Golden Visa to healthcare professionals. According to Abu Dhabi's Department of Economic Development, applicants should have a minimum of 5 years' experience in the UAE, valid practicing licence, and a bachelor's degree or equivalent. In addition, professionals working in science and research, IT, engineering, education, and other skilled fields are eligible for a 10-year residency permit. The Golden Visa scheme has seen growing demand since its launch in 2019, offering long-term stability for expat residents and investors who wish to live, work, and retire in the UAE. The latest figures released by the authorities in Dubai showed that the number of Golden Visas issued in all categories reached 158,000 in 2023, up from 79,617 in the previous year. Rally to continue The Dubai-based billionaire remains optimistic about the local property market and expects prices continue to rise over the next few years, provided there are no geopolitical tensions in the region. He added that buyers are unlikely to find current property prices in Dubai after two years, as values are expected to appreciate. 'I believe prices will rise as the influx of people to Dubai continues to grow. The upcoming integrated gaming resort at Al Marjan in Ras Al Khaimah will also be a significant development for the local property and hospitality markets,' he said. He added that, barring any geopolitical issues, Dubai property prices are likely to trend upward over the next four to five years. 'Prices in central areas like Downtown, Business, Al Furjan, Silicon Oasis, Sports City, all the centrally located places will go up and up. Plots that we bought two years ago cost four times more. Similarly, construction companies are paying up to 60 per cent higher prices because of the rising cost of construction material.' Sajan predicts annual property price increases of 15–20 per cent over the next four to five years in key areas such as Downtown Dubai, Business Bay, Al Furjan, Silicon Oasis, and Dubai Sports City. He also noted that land purchased two years ago is now worth four times more, and construction costs have surged by up to 60 per cent due to "the rising cost of construction material". 'All the projects that we launched over the last 2-3 years in JVC, Silicon Oasis, and other communities have seen 25-35 per cent capital appreciation. The prices that are available today will definitely not be the same rate in 2-3 years as they will appreciate,' he said.
Emirates 24/7
7 minutes ago
- Emirates 24/7
Dubai International Chamber attracts 31 MNCs to Dubai during H1 2025
Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has announced its key achievements for the first half of 2025. The impressive results reflect the chamber's growing contributions to attracting foreign direct investment (FDI) and reinforcing Dubai's position as a leading global investment destination. Dubai International Chamber successfully attracted 143 companies to Dubai during H1 2025, representing a 138% increase compared to the 60 companies attracted in H1 2024. These included 31 multinational companies (MNCs), marking a 138% increase over the 13 attracted in H1 2024. Meanwhile, 112 small and medium-sized enterprises (SMEs) were attracted during H1 2025, representing YoY growth of 138% compared to the 47 attracted during the same period last year. Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, stated: 'We are making strong and steady progress in consolidating Dubai's position as the global destination of choice for foreign direct investment and a launchpad for companies targeting international growth. This momentum is fuelled by Dubai's unique competitive advantages, which include world-class infrastructure, a pro-business regulatory environment, and a strategic location connecting global markets.' He added: 'Dubai International Chamber's global network of representative offices plays a major role in attracting entrepreneurs, investors, and multinational companies. Our offices contribute to strengthening trade and investment ties with priority markets while fostering business partnerships between Dubai-based companies and their counterparts across the globe.' During the first half of 2025, Dubai International Chamber continued to advance the objectives of the Dubai Global initiative, which seeks to establish 50 international representative offices by 2030. The chamber's growing global network plays a central role in positioning Dubai as a leading international business hub, attracting foreign direct investment, and supporting the global expansion of Dubai-based companies into 30 priority markets. As part of these efforts, the chamber expanded its international presence with the opening of five new offices in Dhaka (Bangladesh), Cape Town (South Africa), Bengaluru (India), Bangkok (Thailand), and Toronto (Canada). During the first half of this year, the Chamber's representative offices organised 247 business roundtables to promote Dubai as a global business hub, attract foreign direct investments, and introduce Dubai as a launchpad for expansion into global markets. This international network serves as a strategic platform linking Dubai with global business communities. It facilitates two-way investment flows, unlocks new channels for bilateral trade, and helps companies in each market tap into the opportunities Dubai offers as a gateway to the world. The chamber's offices also play a vital role in promoting Dubai's competitive advantages as a destination for business growth and expansion. They deliver actionable market intelligence and provide tailored support for international companies seeking to establish a presence in the emirate and scale into high-potential global markets.
