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Zawya
2 hours ago
- Zawya
Esterad reports net profit attributable to shareholders of BD 1.04mln for Q2 2025
Manama – Esterad Investment Co. B.S.C. (' Esterad ' or 'the Company ') (Trading Code: ESTERAD) announced its financial results for the second quarter of 2025 ('the quarter') ending June 30, 2025. Net profit attributable to shareholders was BD 1,041,757 for the second quarter of 2025 compared to BD 885,853 for the same period last year, reflecting an increase of 18%. Esterad continued to deliver double-digit growth, driven by disciplined execution of its restructuring strategy and performance across its diversified global private equity, public market and real estate portfolio. Earnings per share for the quarter was 6.4 Fils compared with 5.8 Fils in the second quarter of last year. Total comprehensive income attributable to shareholders amounted to BD 1,183,296 in Q2 2025 compared to BD 290,269 in the same quarter of last year, representing a significant increase of 308%. Total income for the second quarter stood at BD 2,227,469, marking an 18% decline compared to BD 2,716,940 in the second quarter of 2024. Profit rose despite lower income owing to a 33% cut in total expenses and a 61% drop in interest costs following deleveraging. For the first six months of the year, net profit attributable to shareholders rose to BD 1,531,362, a 16% increase from the BD 1,321,646 reported in the same period of 2024. Earnings per share for first half of 2025 was 9.5 Fils compared with 8.6 Fils in H1 2024. Total comprehensive income attributable to shareholders in the first six months of 2025 amounted to BD 1,714,247, compared with BD 855,310 for the corresponding period of 2024, representing an increase of 100%. Total income for the first six months of 2025 was BD 4,087,553 compared to BD 4,694,745 in the same period of 2024, down by 13%. As of 30 June 2025, total equity attributable to shareholders reached BD 43,141,313, a 1% decline from the BD 43,377,483 recorded as of 31 December 2024. Total assets decreased by 11% to BD 83,142,818 compared to BD 93,100,840 on 31 December 2024, primarily because of portfolio restructuring and investment exits. In line with its strategic objectives, Esterad continued to deleverage its balance sheet and reduce financing costs, utilising proceeds from profitable investment exits, including primary listed equities in the first half of the year, to prepay debt early, further strengthening its financial position. Commenting on the results, Mr. Nabeel Noorudin, Board Chairman of Esterad, said: 'Our results for the second quarter reaffirm Esterad's continued ability to deliver resilient performance and value creation, despite global macroeconomic challenges. The strong growth in earnings reflects disciplined execution of our long-term strategy, which is focused on optimising our capital structure, enhancing returns from core assets, and exiting legacy investments. We have made significant progress on our restructuring roadmap, with successful partial exits of global listed equities. These efforts are enabling us to redeploy capital into higher-yielding and strategically aligned opportunities across key markets. Esterad remains strongly positioned to capitalise and identify unique investment opportunities that offer risk-adjust returns for our shareholders.' Elaborating further, Mr. Noorudin added: 'In parallel, we are actively working on several strategic transactions targeted to close in the second half of the year, which are expected to drive future growth in both business activity and profitability. These include niche new opportunities in defensive sectors & opportunistic yielding real estate projects. In addition, we are also looking forward to resuming construction and beginning sales of one of our recently acquired, partially completed real estate projects in Bahrain in the second half of the year.' On his part, Mr. Ahmed Abdulrahman, Chief Executive Officer of Esterad, stated: 'We are pleased with our performance in the second quarter and the continued execution of our strategy, which has resulted in sustained profit growth and stronger financial position. Our focus remains on activating newly acquired assets and exiting legacy holdings as we successfully realised value from the exit of our global listed equities in the last quarter. We remain fully committed to the turnaround and repositioning of key assets across our diversified global portfolio, unlocking long-term value, and deploying capital efficiently into high-potential opportunities. A key priority in the second half of the year is to resume construction and begin sales on a recently acquired, incomplete real estate project. ' He added: 'A key contributor to our positive momentum has been the progress of Esterad Bank, which continues to advance on its strategic roadmap. The Bank entered 2025 with strengthened capital and a healthy pipeline of investment opportunities. During Q2, the Bank made further progress on strategic acquisitions as they are in advanced stages of negotiation on three deals, with expected closures in the third quarter. We remain confident in our ability to deliver superior returns for our investors by capitalising on these compelling, income-generating investments.' -Ends- Note: The press release and the full financial statements are available on About Esterad Investment Company Esterad Investment Co. B.S.C. ('Esterad') is a leading investment firm and one of the oldest to be established in the Kingdom of Bahrain. Founded in 1973 and listed on the Bahrain Bourse, Esterad has pioneered investments into key national projects and industries and has a long and proven track record of making secure investments in a variety of assets, regionally and internationally. Esterad's investment divisions include Real Estate, Private Equity and Public Market investments. The Company invests proprietary capital across a broad spectrum of real estate assets in lucrative locations and sought-after destinations. It also leverages its extensive experience and expertise in multi sector private equity, investing in diversified industries including Infrastructure, Technology, F&B, Services, and Real Estate across the GCC. Esterad's Public Instruments division invests capital in both equities and fixed income securities in Bahrain as well as in regional and global markets. With an ambition rooted in transformative investments in Bahrain and beyond, Esterad's world class management team selects investments based on stringent risk parameters, and the value it can add for shareholders, and the economies and societies in which it operates and serves. Media Contacts For more information, please contact: Yousif Amin Senior Associate – Corporate Communications Email: YAmin@
Arabian Post
2 hours ago
- Arabian Post
Gulf Emerging as Key Hub for Indian Jewellery Exports
Arabian Post Staff -Dubai The Gulf region is fast becoming a significant alternative hub for Indian jewellery manufacturing and exports, spurred by rising trade tensions between the US and India. Experts point to the growing challenges faced by Indian jewellers, particularly as American tariffs on Indian imports climb in response to geopolitical factors, including India's continued oil purchases from Russia. The latest move by the US, led by an executive order from President Donald Trump, has intensified trade uncertainties. The executive order, signed on Wednesday, introduces a hefty 25 per cent tariff on Indian goods, with specific implications for the jewellery sector. This tariff hike, effective in three weeks, increases the overall tariff burden on Indian imports to 50 per cent—one of the highest rates the US has imposed on its trading partners. For years, India has been the global leader in jewellery manufacturing, with a robust presence in the international market, particularly in the US. However, the imposition of punitive tariffs has forced many Indian jewellers to rethink their export strategies. The Gulf region, traditionally a key market for Indian gold and precious stones, is now gaining prominence as a strategic manufacturing base, offering a more favourable trade environment. ADVERTISEMENT The decision to shift operations to the Gulf is driven by a combination of factors, including the region's strategic geographic position and its trade agreements with major markets. Countries like the UAE and Bahrain have long been involved in the jewellery trade, but as tariffs increase on Indian exports to the US, their roles are now being redefined. Experts suggest that the Gulf's advanced infrastructure, coupled with an array of free trade agreements, makes it an attractive destination for manufacturing and re-exporting high-end jewellery to global markets, including the US. The Dubai Gold and Jewellery Group, one of the region's leading jewellery trade bodies, has welcomed the shift, noting the opportunities it presents for growth. The UAE, in particular, has developed an attractive ecosystem for jewellery manufacturers, offering tax incentives, access to advanced technology, and a well-established logistics network. These benefits make it an appealing alternative for Indian jewellers seeking to bypass the punitive tariffs imposed by the US. India's reliance on the US market for jewellery exports, particularly in the high-end sector, has been significant. However, as the tariff burden becomes heavier, companies are exploring alternatives that provide both cost-effectiveness and access to lucrative international markets. Several large manufacturers have already established bases in the UAE, with plans to expand their operations further into the region. A noteworthy trend is the increasing collaboration between Indian and Gulf-based jewellery firms. These partnerships are focused on expanding manufacturing capabilities while reducing reliance on traditional export routes. The UAE, with its business-friendly policies, is proving to be an ideal locale for jewellery production, particularly for smaller-scale businesses that are unable to absorb the full impact of the US tariffs. One of the key drivers of this shift is the growing US demand for luxury goods, including jewellery. The tariff hike, while discouraging direct exports from India, has not dampened the appetite for high-quality jewellery. Instead, it has prompted companies to explore alternative routes to meet this demand. Experts point out that the Gulf provides a strategic advantage for such businesses, offering them the flexibility to maintain their competitive edge without the added burden of trade barriers. ADVERTISEMENT The Gulf's importance in the global jewellery trade has long been overlooked in favour of established centres like India. However, as geopolitical tensions continue to shape trade flows, the region's position as a central player in the jewellery manufacturing process is becoming more evident. Industry insiders predict that over the next few years, the Gulf's jewellery manufacturing and export capabilities will only grow stronger, reshaping the global jewellery supply chain. For Indian jewellery manufacturers, the shift to the Gulf represents a broader strategy to diversify their risk exposure. By establishing a presence in markets that are less susceptible to abrupt policy changes, Indian companies are better positioned to mitigate the impact of volatile geopolitical situations. The expansion of Gulf-based jewellery production also ensures that India maintains a foothold in the lucrative US market, even as tariffs continue to escalate.
Gulf Today
3 hours ago
- Gulf Today
DOJ's push to collect your data is a fishing expedition
With his approval rating sinking lower and lower, and facing the prospect of losing control of the House to Democrats, President Donald Trump is engaged in an unprecedented attempt to manipulate the midterm elections. Not only has he demanded that Texas redraw its congressional districts, he's now got Attorney General Pam Bondi and the Department of Justice embarking on another insidious strategy: Building a dossier of private information on every voter that Trump can use for political advantage. Over the past several weeks, the DOJ Civil Rights Division has sent letters to more than a dozen states demanding they hand over their voter lists, including sensitive private information — such as driver's license and Social Security numbers linked to names, home addresses and, in many cases, dates of birth. The DOJ is telling state election officials that it needs the data to check their compliance with the National Voter Registration Act and the Help America Vote Act — presumably to hunt for illegal voting — and it reportedly intends to contact all 50 states. But while federal law gives the Justice Department the ability to require states to put procedures in place to comply with those laws and remove ineligible voters from voter rolls, it doesn't give the federal government authority over election administration — and that includes reviewing and maintaining the rolls themselves, said David Becker, executive director of the Center for Election Innovation & Research. 'We're seeing an unprecedented effort to seize power that is not granted under the Constitution, to realign the balance of power between the executive branch and the judiciary and, especially, the states,' he said. There's another reason the DOJ may want the data. NPR reported recently that the administration is building a searchable national citizenship data system to be used by state and local election officials to root out noncitizen voting — something election experts say is an inconsequential problem. A report released last week from Becker's organisation concluded that in states that have investigated the issue, incidents of noncitizen voting are minuscule and random. By all indications, the DOJ data call is a massive fishing expedition. 'They are just looking for any kind of indication of wrongdoing or error that they can point to, to further fuel the federal government's intrusion into election administration,' said Jonathan Diaz, director of voting advocacy and partnerships at the Campaign Legal Center, a nonpartisan organisation that advocates for government accountability. Yet Michael Whatley, the Republican National Committee Chair, obliquely defended the effort as about 'election integrity' and trying to ensure 'safe and secure elections in key states.' That's obfuscation. It sounds to me — and to the election experts I've talked with from both parties — that this exercise isn't really about election integrity, but about laying the groundwork for a political strategy for the midterm elections. That strategy could take many frightening forms, the experts told me. Trump could suggest that states can't be trusted and use that to justify a state of emergency that allows him to seize control of state voting operations or suspend voting in certain states. (Never in American history have we suspended federal elections, Becker says — and that includes during wars, pandemics and natural disasters.) Or Trump could distort the voter data he collects and use it to continue to spread false claims and conspiracy theories about the security of US elections. One result of these conspiracies, as we've learned, is that many Americans distrust any election where their candidate loses. Even just collecting the data may scare some people into staying away from the polls. There are many people who might decide not to vote if they think federal access to their personal data could be used to intimidate them. What's especially troubling is that the DOJ's action could undermine the decentralised elections system 'that makes our elections so resilient and so resistant to things like foreign interference,' Diaz told me. The Constitution intentionally gives election administration exclusively to the states because 'the founders were very skeptical of a sort of all-powerful executive — having just thrown off the shackles of a king.' For states to comply with these letters, they would have to violate a federal law that prohibits the sharing of driver's license numbers and, in many cases, also violate their state constitutions. According to a list assembled by the National Conference of State Legislatures, many states have stricter privacy protections for their voter files than the federal government does. Another troubling development is that while states have developed strict protocols for protecting this information, the DOJ hasn't said how it will keep the data safe from hackers and cybersecurity breaches. The agency has an obligation to protect individuals, including elected officials, judges, domestic violence victims and others whose personal information is under a protective order or exempt from public disclosure and it owes the public an explanation for how it's going to handle the data if it gets it. Trump tried to intimidate states like this in his first term, when he created a special commission that told states to turn over their voter files so the federal government could audit them. Election officials forcefully pushed back. Members later admitted the group was set up to validate Trump's voter fraud claims. The commission was disbanded. This time, that resistance may be quieter, but election officials in both red and blue states appear to be defying the DOJ request and turning over only the parts of their voter files that are already public. In a letter to the DOJ, New Hampshire's Republican Secretary of State David Scanlan pointed to a state law that says the voter database 'shall be private and confidential' and not subject to any records requests. And Utah's Republican Lieutenant Governor Deidre Henderson told the Salt Lake City Tribune on Thursday that the state turned over its public voter list to federal officials, but 'if they want protected data, there's a process for government entities to request it for lawful purposes.' Then there's Maine Secretary of State Shenna Bellows, a Democrat, who said this week that her state law doesn't allow her to release the data and suggested Trump's DOJ 'go jump in the Gulf of Maine.' If Bondi has a good reason to force states to turn over the voter data, she should state the reason and ask Congress to change federal law to do it. Until then, every American should be concerned about the president trying to exercise power that he doesn't have so he can invade your privacy because you decided to vote.
