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Biz Bahrain
12-05-2025
- Business
- Biz Bahrain
Bank ABC reports underlying net profit up 11% in Q1 2025
Bank ABC (Arab Banking Corporation B.S.C.) – Bahrain Bourse Trading Code 'ABC' – today announced its financial results for the first quarter of 2025. The Group has made a resilient start to the year, against a backdrop of challenging economic conditions, reporting a net profit attributable to the shareholders of the parent of USD$76 million, representing a 1% headline increase over the corresponding period last year. Adjusted for foreign exchange translation differences, underlying net profit rose by a robust 11% year-on-year (YoY), reflecting strong growth in the Group's core businesses. Despite the backdrop of persistent economic and geopolitical uncertainty, the Group maintained its strategic focus on accelerated growth, while maintaining healthy capital and liquidity buffers, cost control and stable credit provisions. Bank ABC's business excellence, client-centricity and innovation leadership continue to receive regional and international recognition. Recent accolades include the 'Best Bank for Trade Finance in Bahrain' from the Global Finance World's Best Trade Finance Awards and 'World's Best Financial Innovation Lab Award for ABC Labs' from the Global Finance Innovators Awards. Moreover, Bank ABC's Islamic subsidiary, was honoured as 'The Best Islamic Corporate Bank in Bahrain' and the 'Best Digital Offering by an Islamic Bank in Bahrain' by the Islamic Finance News Awards. Bank ABC's Group Chairman, Naji Issa Belgasem commented, 'We are pleased with this robust start to the year. While escalating global trade tensions continue to cast a shadow on business sentiment, Bank ABC has repeatedly demonstrated its ability to navigate uncertain conditions, while delivering sustainable underlying growth. Our newly constituted Board of Directors is fully committed to delivering long-term shareholder value, whilst remaining focused on prudent risk management and sound corporate governance.' Consolidated net profit attributable to the shareholders of the parent, for Q1 2025 was USD76 million, on a headline basis 1% higher compared to USD75 million reported for the same period last year. Underlying growth in net profit, adjusting for FX impact of BRL and EGP was 11%. Earnings per share for the period was USD0.022, compared to USD0.021 in the same period last year. Total comprehensive income attributable to the shareholders of the parent was a positive US$154 million in Q1 2025 as compared to a negative USD28 million during the same period last year. Q1 2025 benefited from the strengthening of the BRL against the USD, as compared to Q1 2024, which was impacted by devaluation of Egyptian Pound against USD. Headline Total Operating Income for Q1 2025 was USD332 million, a 3% reduction compared to USD343 million reported for the same period last year. Underlying Total Operating Income for Q1 2025 was USD360 million, compared to USD343 million for the same period last year, a year-on-year growth of 5%, similarly adjusting for FX impact. Equity attributable to the shareholders of the parent and perpetual instrument holders at the end of the period was USD4,266 million, compared to USD4,207 million reported at the 2024 year-end, after absorbing the impact of dividend payment. Total assets stood at USD45.7 billion as at the end of Q1 2025, compared to USD46.3 billion at the 2024 year-end, a 1% reduction, reflecting short-term asset and liability management fluctuations. Healthy Capital and Liquidity ratios: Tier 1 Capital ratio at 15.0% of which CET 1 at 13.2%. LCR and NSFR at 209% and 126% respectively. Bank ABC is a leading player in the region's banking industry, with presence in 15 countries across five continents. It provides innovative global wholesale banking solutions in both conventional and Islamic Finance, across Transaction Banking, Project and Structured Finance, Capital Markets, Financial Markets, Real Estate Finance to corporates and financial institutions. It also provides consumer banking services through its network of branches in Jordan, Egypt, Tunisia, Algeria, and through ila Bank, its digital mobile-only bank, in Bahrain and Jordan. The full financial statements and press release are available on the Bahrain Bourse and Bank ABC's website. Bank ABC will host a virtual Investors call to discuss the Q1 2025 earnings on 15 May 2025. Further details and the investor presentation are available at
Biz Bahrain
12-05-2025
- Business
- Biz Bahrain
SEEF PROPERTIES REPORTS BD1.2 MILLION NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT FOR THE PERIOD ENDED 31 MARCH 2025
Seef Properties B.S.C. (Bahrain Bourse Trading Code: SEEF) announced its financial results for the first quarter ended 31 March 2025. The Company reported a net profit and comprehensive income attributable to the parent of BD 1.2 million during the first quarter of 2025, compared to BD 1.4 million for the same period of the previous year, a decrease of 12.5%. The change is attributable to increased market competition and economic fluctuations. Diluted earnings per share attributable to the parent for the first quarter of 2025 amounted to 2.7 Fils, compared to 3.0 Fils for the same period the previous year. The Company's operating profits stood at BD 2.9 million for the first quarter of 2025, compared to BD 3.3 million for the same period in the previous year, a decrease of 11.9%. The Company's total equity (after excluding the equity attributable to minority) for the first quarter of 2025 decreased by 1.8%, reaching BD 159.0 million, compared to BD 161.8 million for the same period in the previous year. Total assets for the first quarter increased by 0.4%, reaching BD 177.8 million compared to BD 177.1 million for the same period in the previous year. Commenting on these results, Seef Properties Chairman, Mr. Essa Mohamed Najibi stated, 'Seef Properties continues to cement its position as an industry leader with a clear strategic vision and strong adaptability to economic shifts. This quarter's performance reflects our commitment to financial sustainability and quality growth, particularly in the hospitality and retail sectors. Despite lower revenues this period, some of our destinations have continued to perform well even in the face of growing market challenges and increased competition. The investments we have made and our strategic partnerships are beginning to yield tangible results, building on past achievements.' He added: 'Seef Properties remains committed to delivering high-quality projects that are in line with the objectives of the Bahrain Economic Vision 2030, many of which have been achieved thanks to the support of His Majesty King Hamad bin Isa Al Khalifa and the guidance of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister. We aim to play an active role in the Kingdom's economic development by creating integrated, market-driven projects that address local needs and attract investor interest. We are also pursuing new, high-impact opportunities that support Bahrain's competitiveness and reinforce its position as a regional commercial hub.' Seef Properties Chief Executive Officer, Mr. Ahmed Yusuf said, 'The first quarter of this year brought encouraging operational developments that directly enhanced both the quality of our services and the visitor experience across our destinations. Al Liwan, in particular, saw occupancy rates rise to 90%, driven by its diverse retail mix, strategic location, and the added value of Fraser Suites, which helped attract a new segment of visitors and tourists. We remain focused on enhancing our commercial properties by bringing in unique brands, diversifying our retail offerings, and advancing our renovation and expansion plans.' He added, 'As part of our sustainability efforts, the solar energy project we recently launched in partnership with Yellow Door Energy is progressing on schedule. Work is currently underway at all our destinations, and the project is expected to significantly reduce carbon emissions.'
Biz Bahrain
25-02-2025
- Business
- Biz Bahrain
Seef Properties Records BD 5.6 Million Net Profit Attributable To The Shareholders Of The Parent For Financial Year Ended 31 December 2024
Seef Properties B.S.C. (Bahrain Bourse Trading Code: SEEF) (the 'Company') announced its financial results for the fiscal year ended 31 December 2024, including the results of the last quarter of 2024. The Company reported a net profit and comprehensive income attributable to the parent of BD 1.41 million during the fourth quarter of 2024, compared to BD 1.59 million for the same period of the previous year, a decline of 11,09%. The change is linked to factors related to the company's implemented strategy for enhancing its financial and real estate assets. Diluted earnings per share attributable to the parent for the fourth quarter of 2024 amounted to 3.08 Fils, compared to 3.45 Fils for the same period the previous year. The Company's operating profits stood at BD 3.10 million for the fourth quarter of 2024, compared to BD 3.54 million for the same period in the previous year, a decrease of 12.39%. The Company recorded a net profit and comprehensive income attributable to the parent of BD 5.61 million for the financial year ended 31 December 2024, compared to BD 6.44 million for the same period last year, a decrease of 12.94%. Diluted earnings per share attributable to the parent amounted to 12.26 Fils for the year ended 31 December 2024, compared to 14 Fils for the same period of the previous year. Operating profits for the year ended 31 December 2024 reached BD 12.32 million, compared to BD 13.95 million for the same period of the previous year, a decrease of 11.70%. The Company's total equity (after excluding the equity attributable to minority) for the year ended 31 December 2024 increased by 0.48%, reaching BD 161.85 million, compared to BD 161.08 million for the same period in the previous year. Total assets for the year ended 31 December 2024 decreased slightly by 1.04%, reaching BD 177.14 million for the year ended 31 December 2024, compared to BD 178.99 million for last year. Based on the financial results, the Board of Directors is recommending to the General Assembly the distribution of cash dividends of 9% of share nominal value, equivalent to 9 Fils per share amounting to BD 4.09 million after deducting treasury shares, as well as the allocation of BD 170K towards the Company's corporate social responsibility program. Commenting on the results, Seef Properties Chairman, Mr. Essa Mohamed Najibi, said: 'We are pleased to announce our financial results for 2024, a year marked by significant achievements that reaffirm the strength of Seef Properties' operational strategy and the efficacy of its business model, despite market challenges. One of our most notable accomplishments was forming a strategic alliance to develop a mixed-use project in Dammam, our first regional expansion. This milestone strengthens the Company's position in the real estate sector and opens new opportunities for growth across the region. Our hospitality and entertainment projects also continued to perform well, with the launch of Fraser Suites Al Liwan, which quickly established itself as a premier hospitality destination in the Kingdom. We also expanded our presence in the retail sector, diversified our investment portfolio, and advanced our ongoing projects, reinforcing our position as one of the Kingdom's top-performing national companies.' He highlighted the Company's commitment to sustainable growth in line with national objectives, stating: 'Last year, Seef Properties launched one of the largest solar energy projects in Bahrain, a significant contribution towards enhancing energy efficiency, optimizing consumption, and reducing the Kingdom's carbon footprint. This initiative reflects our commitment to sustainability and renewable energy solutions, in line with Bahrain Economic Vision 2030 and the United Nations' Sustainable Development Goals. By investing in advanced technologies to improve operational efficiency and energy management, we are paving the way for a greener, more sustainable future for generations to come.' He added: 'I would like to thank the Government of Bahrain and the Ministry of Tourism for their ongoing support. We remain committed to supporting national initiatives that drive tourism growth in the Kingdom. I also extend my deepest appreciation to our shareholders, partners, and employees for their dedication and hard work, which continue to be the driving force behind our success.' Seef Properties CEO, Mr. Ahmed Yusuf said: 'In 2024, we continued implementing strategies to strengthen our market position and enhance our appeal to global brands. Our efforts helped attract new local and international retailers, enriching our tenant mix and increasing the competitiveness of our retail projects. We also remained focused on creating an integrated business environment that supports long-term growth by offering state-of-the-art facilities and services that meet the evolving demands of the market.' He added: 'The entertainment and hospitality sectors played a key role in our strategy last year, enhancing the appeal of our projects and attracting a wider audience of visitors and tenants. We are committed to developing vibrant destinations that deliver exceptional experiences while keeping pace with industry trends. We continue to enhance our entertainment offerings by introducing innovative concepts that add value and reinforce our projects as dynamic lifestyle destinations integrating shopping, leisure, and modern living.'
Al Bawaba
10-02-2025
- Business
- Al Bawaba
Bank ABC announces its financial results for the year ended 31 December 2024
Bank ABC (Arab Banking Corporation B.S.C.) - Bahrain Bourse Trading Code 'ABC' - today announces its financial results for Q4 and full year ABC continued its strong performance, delivering record-breaking results during 2024 reporting annual Net Profit attributable to its shareholders of US$285 million, a growth of 21% year-on-year (YoY) to reach its highest level in the Group's history (from continuing business operations). This was achieved on the back of strong core business growth, a stable funding base and steady cost of credit. Total Operating Income also reached a record high at US$1,339 million, a 5% growth YoY despite of FX headwinds in some of the key markets. The Group's Balance sheet strength was also maintained its strength, with capital and liquidity ratios at robust levels, while total assets reached US$46bn. On this occasion, the Board of Directors are pleased to recommend a cash dividend distribution US$0.0275 per share a 22% increase YoY, which represents 30% of profit attributable to the shareholders of parent, approximately US$85.5m (2.75% of equity capital). This is subject to relevant regulatory approvals and will be presented for approval at the Bank's Annual General Meeting. Bank ABC continued to make rapid progress on its strategic plan, while successfully navigating challenging economic and geopolitical conditions, continuing to achieve major milestones on its digital and operational transformation journey. Its business excellence, client-centricity and leadership in innovation were recognised by several distinguished regional and international awards platforms. Notable among the many awards received were the 'Best Bank in the Middle East' for 'Innovation in Digital Banking' and 'Transaction Banking' in 2024 by The Banker – Financial Times; the Best Trade Finance Provider in the Middle East by Global Finance and Global Trade Review (GTR) and 'Bahrain's Best Digital Bank' by Euromoney. Moreover, Bank ABC's digital, mobile-only ila Bank was honored as 'Bahrain's Best Consumer Digital Bank' by Global Finance for the fourth consecutive year, alongside six additional awards for excellence. Bank ABC's Group Chairman, Mr. Saddek Omar El Kaber remarked, 'We are proud of having achieved these record-breaking results, with Net Profit from our business at the highest it's ever been in the Bank's history. The Group started the year on a strong footing and maintained its core business growth momentum throughout the year, reaching 21% YoY. This reflects the Bank's strong and diversified business model and its capabilities to leverage market opportunities and create value for our investors. Impressively, this was also achieved while maintaining a robust Balance Sheet, with strong capital and liquidity ratios giving growth capacity for 2025. The accelerated and firm delivery of the Bank's strategy combined with the dedication of its talented team have led to these significant milestones and excellent international recognition through multiple awards, as it continues to strengthen its position as 'MENA's international bank of the future.' Performance Highlights for the fourth quarter (3 months) of 2024 Consolidated net profit attributable to the shareholders of the parent, was US$70 million, 35% higher compared to US$52 million reported for the same period last year. Earnings per share for the three-month period was US$0.022 per share, compared to US$0.017 per share in the same period last comprehensive income attributable to the shareholders of the parent was affected by the sharp devaluation of the Brazilian Real against the US$. Total comprehensive income attributable to the shareholders of the parent was a negative US$48 million compared to a positive US$84 million, reported for the same period last operating income for Q4 2024 was US$337 million, slightly higher compared to US$336 million reported for the same period last year. Adjusting for FX translation effects, mainly from EGP and BRL depreciation, underlying total operating income would have been US$363 million, 8% higher compared to the same period last Highlights for full year 2024 (12 months)Consolidated net profit attributable to the shareholders of the parent was US$285 million, a growth of 21% compared to US$235 million reported last year, driven by a combination of core business growth across many markets, higher average asset volumes, disciplined management of operating expenses and a steady cost of per share for the year was US$0.086 per share, compared to US$0.070 per share last comprehensive income attributable to the shareholders of the parent during the year was affected by the FX translation impacts of EGP (primarily during Q1) and BRL (in Q4). The net impact of these resulted in total comprehensive income attributable to the shareholders of the parent at a negative US$12 million, compared to a positive US$258 million reported last year (when the currencies remained broadly stable).Total operating income for the year 2024 was US$1,339 million, 5% higher compared to US$1,279 million reported last year. Adjusting for FX translation effects, mainly from EGP and BRL depreciation, underlying total operating income would have been US$1,404 million, 10% higher compared to the same period last year, reflecting broad based growth across almost all the core SheetEquity attributable to the shareholders of the parent and perpetual instrument holders at the end of the year was US$4,207 million, compared to US$4,300 million reported at the 2023 year-end, 2% lower primarily from the impact of FX movements in EGP and BRL and dividends paid mitigated by the profit earned during the assets stood at US$46,265 million at the end of the period, as compared to US$43,892 million at the 2023 year-end, an increase of 5% driven by core business and liquid asset growth, balance sheet optimisation and portfolio management actions. Healthy Capital and Liquidity ratios: Tier 1 Capital ratio at 15.5%, of which CET1 at 13.6%. LCR and NSFR at 198% and 123% respectively. Bank ABC is a leading player in the region's banking industry, with presence in 15 countries across five continents. It provides innovative global wholesale banking solutions in both conventional and Islamic finance, across Transaction Banking, Project and Structured finance, Capital Markets, Financial Markets, Real Estate finance to corporates and financial institutions. It also provides retail banking services through its network of branches in Jordan, Egypt, Tunisia, Algeria, and through ila Bank, its digital mobile-only bank, in Bahrain and ila application in Jordan. The full set of financial statements and the press release are available on the Bahrain Bourse and Bank ABC websites. Further details are provided in the Investor Highlights Presentation published on Bank ABC's website. Bank ABC will be hosting a virtual Investors call to discuss the full year earnings update for the year ended 2024 on 13 February 2025. Further details are available on the Bank's website: © 2000 - 2025 Al Bawaba ( Signal PressWire is the world's largest independent Middle East PR distribution service.
