Latest news with #AbdullaBukhowa
Daily Tribune
21 hours ago
- Business
- Daily Tribune
BCFC Reports BD 2.2 Million Net Profit in the First Half of 2025
Bahrain Commercial Facilities Company BSC (trading code: BCFC) announced its financial result for the three months and six months periods ended 30 June 2025. The Group reported a net profit of BD 1.1 million, 27% lower than the net profit during the same period last year of BD 1.5 million. The basic and diluted earnings per share amounted to a profit of 6 Fils, 25% lower compared to 8 Fils for the same period last year. The Group registered a total comprehensive income of BD 1.0 million, 23% lower than BD 1.3 million for the same period last year. Six months During the six months period ended 30 June 2025, the Group achieved a net profit of BD 2.2 million, 33% lower than the net profit of BD 3.3 million for the same period last year. This resulted in a basic and diluted earnings per share amounting to a profit of 11 Fils, 35% lower compared to 17 Fils for the same period last year. The Group achieved a total comprehensive income of BD 1.8 million, 44% lower compared to BD 3.2 million for the same period last year. Total shareholders' equity stands at BD 104.6 million as of 30 June 2025, 1% lower than 31 December 2024 of BD 105.9 million. The Group's total assets as of 30 June 2025 stand at BD 219.2 million, 0.7% lower than 31 December 2024 of BD 220.8 million. The Group's total liabilities reached BD 114.6 million as of 30 June 2025, 0.3% lower than 31 December 2024 of BD 114.9 million. Mr. Abdulrahman Fakhro, the Chairman of Bahrain Commercial Facilities Company (BCFC), expressed his appreciation for the Group results and stated 'During the period, the Board acknowledges the Group's positive performance, with the majority of business segments delivering encouraging results, reflecting the resilience of the Group's diversified portfolio. Our focus continues to be on creating long-term value, approaching future opportunities with cautious optimism and a firm commitment to delivering sustainable returns for our shareholders.' Mr. Abdulla Bukhowa, the Chief Executive Officer of Bahrain Commercial Facilities Company (BCFC), stated, " The Group's performance over the past six months reflects a sound financial result, despite the ongoing economic headwinds, particularly the pressures of elevated interest rates. These outcomes highlight the Group's resilience and its ability to adapt effectively in a dynamic operating environment. Looking forward to continuing the implementation of our strategy and reaffirm our commitment to our clients by delivering high-quality services and innovative solutions. We remain optimistic about strengthening our position and continuing to create long-term value for our shareholders, clients, and all stakeholders. '
Daily Tribune
26-03-2025
- Business
- Daily Tribune
Bahrain Commercial Facilities Company reports strong financial recovery in 2024
TDT | Manama Bahrain Commercial Facilities Company (BCFC) achieved a significant financial turnaround in 2024, reporting a BD 5 million profit, marking a strong recovery from the previous year. The positive results were announced during the company's Annual General Meeting (AGM) held yesterday, where Chief Executive Officer Abdulla Bukhowa highlighted BCFC's strategic progress and future aspirations. Reflecting on 2023, Bukhowa acknowledged the economic difficulties that impacted businesses globally. Despite these challenges, BCFC took decisive steps to strengthen its financial position and set the foundation for sustainable growth. 'The company undertook key strategic initiatives to enhance operational efficiency and drive business performance. As a result, we successfully achieved BD 5 million in profit, with notable growth in our lending portfolio and strong performance in car sales,' Bukhowa stated. Additionally, BCFC demonstrated financial resilience by repaying a substantial portion of matured loans using its own resources, reinforcing its financial stability. Looking ahead to 2025, BCFC is focused on innovation, growth, and reinforcing its core strengths. The company remains committed to introducing new and innovative products while continuing to strengthen risk management and compliance frameworks. 'Our goal is to build on this positive momentum by enhancing our offerings and ensuring operational excellence across all areas. We are dedicated to sustainable growth and long-term success,' Bukhowa affirmed. Looking ahead to 2025, BCFC is focused on innovation, growth, and reinforcing its core strengths. The company remains committed to introducing new and innovative products while continuing to strengthen risk management and compliance frameworks. 'Our goal is to build on this positive momentum by enhancing our offerings and ensuring operational excellence across all areas. We are dedicated to sustainable growth and long-term success,' Bukhowa affirmed.
Daily Tribune
27-02-2025
- Business
- Daily Tribune
BCFC reports BD 5 million profit
Bahrain Commercial Facilities Company announced its financial results for the three months period ended 31 December 2024 and for the year ended 31 December 2024. Three months results The Group reported a net profit of BD 0.6 million compared to a net loss during the same period last year of BD 19 m, mainly due to lower provisions and credit losses charged during the period of BD 1.4 m compared to BD 20.9 million for the same period last year. The unprecedented credit losses booked in the previous year resulted from the identification of non-performing accounts following the conclusion of the CBB deferral program. Earnings per share amounted to a profit of 3 Fils compared to a loss of 94 Fils for the same period last year. The Group registered a total comprehensive income of BD 0.7 million compared to a total comprehensive loss of BD 19.8 million for the same period last year. Year ended 31 December 2024 During the year ended 31 December 2024, the Group achieved a net profit of BD 5 m compared to a net loss of BD 30.8 m reported last year, mainly due to lower provisions and credit losses charged during the period of BD 2.2 m compared to BD 38.5 million last year. The unprecedented credit losses booked in the previous year resulted from the identification of non-performing accounts following the conclusion of the CBB deferral programme. This resulted in earnings per share amounting to 25 Fils compared to a loss per share of 153 Fils last year. The Group registered a total comprehensive income of BD 4.3 m compared to a total comprehensive loss of BD 31.8 m last year. Total equity stands at BD 105.9 m as of 31 December 2024, 4.2% higher than 31 December 2023 of BD 101.6 m. The Group's total assets as of 31 December 2024 stand at BD 220.8 m, 0.4% higher than 31 December 2023 of BD 219.9 m. The Group's total liabilities reached BD 114.9 m as of 31 December 2024, 2.8% lower than 31 December 2023 of BD 118.3 m. cash dividend The Board has recommended a cash dividend of 15 fils per share (15% of paid-up capital) subject to AGM approval (2023: nil). Mr. Abdulrahman Fakhro, the Chairman of Bahrain Commercial Facilities Company (BCFC), expressed his appreciation for the Group results and stated, 'During a year distinguished by accomplishments, the Group takes pride in the strategic foresight of the Board of Directors and the commitment of the management team. The performance of its business segments underscores the synergy within our diversified portfolio. These achievements reaffirm our market resilience and our potential for sustainable growth. We are confident in our business model and optimistic about the promising opportunities ahead. Our focus remains on creating sustainable shareholder value and capitalizing on future prospects.' Mr. Abdulla Bukhowa, the Chief Executive Officer of Bahrain Commercial Facilities Company (BCFC), stated, 'I am pleased with the Group's performance during the year 2024, which reflects a positive financial result despite a challenging macroeconomic landscape and persistently high interest rates. These achievements highlight the Group's resilience and ability to navigate challenges effectively, positioning it well for future growth and the pursuit of sustainable profitability. New loan origination has witnessed encouraging growth, driven by the dedication of our team and the successful launch of innovative offerings, including residential mortgage loans and the award-winning digital platform 'Sahel by BCFC'. Additionally, the opening of a new branch in a prime location in the Kingdom of Bahrain has further strengthened our market presence. These strategic initiatives have been instrumental in addressing the evolving needs of our customers and driving business expansion. We remain committed to sustaining this momentum by delivering exceptional service and solutions that enhance customer experience and drive long-term success.'
