Latest news with #SICO
Zawya
2 days ago
- Business
- Zawya
Bahrain: SICO reports $7.7mln net profit for H1
Bahrain - SICO, licensed as a conventional wholesale bank by the Central Bank of Bahrain, yesterday announced its consolidated results for the second quarter and six months ended June 30, 2025. For the quarter, SICO's consolidated net profit attributable to shareholders grew 16 per cent year-on-year to BD1.5 million ($4m) in the second quarter of 2025 compared to BD1.3m ($3.5m) recorded in the same three-month period of last year. The improvement is mostly related to the increase in net investment income during the quarter compared to the corresponding period last year, due to favourable global market conditions. Earnings per share (EPS) were 3.73 fils in the second quarter of the year versus 3.23 fils in the comparable quarter of 2024. SICO reported total comprehensive income of BD1.7m for the second quarter of 2025, compared to a total comprehensive income of BD1.2m booked in the same quarter of last year, representing an increase of 39pc. Total operating income for the second quarter of 2025 increased by 17pc to BD5.7m as compared to BD4.9m achieved in the same period of the previous year. On a year-to-date basis, SICO recorded consolidated net profits attributable to shareholders for the first six months of 2025 amounting to BD2.9m ($7.7m), representing an 8pc decline from the BD3.2m ($8.4m) recorded in the first half of 2024. This decrease was primarily driven by lower brokerage activities during the period, reflecting reduced investor appetite for trading amid prevailing market uncertainty. EPS were 7.15 fils for the first six months of 2025 compared to 7.77 fils for the same period of 2024. SICO reported total comprehensive income of BD3.1m for the first half of 2025, as compared to a total comprehensive income of BD3m booked in the first six months of 2024, reflecting a 2pc increase. Total equity attributed to shareholders stood at BD73.8m as of June 30, 2025, a slight decrease of 0.3pc compared to BD74m recorded at year-end 2024, noting that a dividend of BD3.2m was paid to the equity shareholders for the year 2024, during the first quarter of 2025, while total assets increased 29pc to BD531.6m as of June 30, 2025, up from BD411.2m as of end-2024. SICO recorded net fee income of BD5.5m, a 16pc increase from BD4.8m achieved in the first half of 2024. Furthermore, net investment income stood at BD2.1m in the first six months of 2025, increasing 40pc from BD1.5m last year. Meanwhile, brokerage and other income dropped 22pc to BD1.6m compared to BD2m in first half of 2024, due to market volatility resulting from tariff uncertainty in late April and heightened geopolitical tensions in June 2025. On a gross basis (including leverage) SICO's assets under management (AUMs) rose 9pc to BD3 billion in the first half of the year compared to BD2.8bn at end-2024. The growth in AUMs was driven by expansion in client base together with additional inflow from existing clients across asset classes. Commenting on the second quarter performance, SICO chairman Abdulla Kamal said: 'SICO's performance in the second quarter of 2025 reflects the strength of our diversified platform and our ability to navigate evolving market conditions with discipline and foresight. Despite a more challenging macroeconomic and geopolitical backdrop, we have continued to deliver value through a prudent investment approach focused on generating positive returns while managing elevated risk levels. 'This reflects our firm commitment to our strategic objectives, which aim to drive sustainable long-term growth for our clients and shareholders. Our consistent recognition by global institutions is a testament to the trust we've built with our clients and stakeholders, and to the strategic clarity that guides our decisions.' SICO Group chief executive Najla Al Shirawi added: 'We are pleased with our second quarter performance, driven by robust investment returns and sustained momentum across our core business lines. Surpassing $8bn in assets under management is a major milestone, reinforces our commitment to delivering long-term value to our clients. 'We also recorded strong growth across all revenue streams, including investment income, asset management fees, and investment banking revenues. Our balance sheet remains robust, and with a healthy liquidity position, we remain well-positioned to capture future growth opportunities as markets continue to evolve.' Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
3 days ago
- Business
- Zawya
SICO reports BD 2.9mln (USD 7.7mln) net profit attributable to shareholders for the first half of 2025
Manama, Kingdom of Bahrain – SICO BSC (c), licensed as a conventional wholesale bank by the Central Bank of Bahrain 'CBB', announced today its consolidated results for the second quarter and six months ended 30 June 2025. For the quarter, SICO's consolidated net profit attributable to shareholders grew 16% year-on-year, to record BD 1.5 million (USD 4 million) in the second quarter of 2025 compared to BD 1.3 million (USD 3.5 million) recorded in the same three-month period of last year. The improvement is mostly related to the increase in net investment income during the quarter compared to the corresponding period last year, due to favourable global market conditions. Earnings per share (EPS) recorded 3.73 Bahraini fils in the second quarter of the year versus 3.23 Bahraini fils in the comparable quarter of 2024. SICO reported total comprehensive income of BD 1.7 million (USD 4.5 million) for the second quarter of 2025, compared to a total comprehensive income of BD 1.2 million (USD 3.2 million) booked in the same quarter of last year, representing an increase of 39%. Total operating income for the second quarter of 2025 increased by 17% to BD 5.7 million (USD 15.2 million) as compared to BD 4.9 million (USD 13.0 million) achieved in the same period of the previous year. On a year-to-date basis, SICO recorded consolidated net profits attributable to shareholders for the first six months of 2025 amounting to BD 2.9 million (USD 7.7 million), representing an 8% decline from the BD 3.2 million (USD 8.4 million) recorded in the first half of 2024. This decrease was primarily driven by lower brokerage activities during the period, reflecting reduced investor appetite for trading amid prevailing market uncertainty. EPS were 7.15 Bahraini fils for the first six months of 2025 compared to 7.77 Bahraini fils for the same period of 2024. SICO reported total comprehensive income of BD 3.1 million (USD 8.1 million) for the first half of 2025, as compared to a total comprehensive income of BD 3.0 million (USD 8.0 million) booked in the first six months of 2024, reflecting a 2% increase. Total equity attributed to shareholders stood at BD 73.8 million (USD 195.7 million) as of 30 June 2025 a slight decrease by 0.3% compared to BD 74 million (USD 196.2 million) recorded at year-end 2024, noting that a dividend of BD 3.2 million (USD 8.5 million) was paid to the equity shareholders for the year 2024, during the first quarter of 2025, while total assets increased 29% to BD 531.6 million (USD 1.4 billion) as 30 June 2025, up from BD 411.2 million (USD 1.1 billion) as of year-end 2024. SICO's net fee income recorded BD 5.5 million (USD 14.7 million), a 16% increase from BD 4.8 million (USD 12.7 million) achieved in the first half of 2024. Furthermore, net investment income stood at BD 2.1 million (USD 5.6 million) in the first six months of 2025, increasing 40% from BD 1.5 million (USD 4.0 million) last year. Meanwhile, Brokerage and other income dropped 22% to BD 1.6 million (USD 4.1 million) compared to BD 2 million (USD 5.3 million) in first half of 2024, due to market volatility resulting from tariff uncertainty in late April and heightened geopolitical tensions in June 2025. On a gross basis (including leverage) SICO's assets under management (AUMs) rose 9% to BD 3.0 billion (USD 8.0 billion) in the first half of the year compared to BD 2.8 billion (USD 7.4 billion) at year-end 2024. The growth in AUMs was driven by expansion in client base together with additional inflow from existing clients across asset classes. Chairman of the Board of SICO, Abdulla Kamal, commented on SICO's second quarter performance, saying, 'SICO's performance in the second quarter of 2025 reflects the strength of our diversified platform and our ability to navigate evolving market conditions with discipline and foresight. Despite a more challenging macroeconomic and geopolitical backdrop, we have continued to deliver value through a prudent investment approach focused on generating positive returns while managing elevated risk levels. This reflects our firm commitment to our strategic objectives, which aim to drive sustainable long-term growth for our clients and shareholders. Our consistent recognition by global institutions is a testament to the trust we've built with our clients and stakeholders, and to the strategic clarity that guides our decisions. Group Chief Executive Officer of SICO, Najla Al-Shirawi, added, 'We are pleased with our second quarter performance, driven by robust investment returns and sustained momentum across our core business lines. Surpassing USD 8 billion in assets under management is a major milestone, reinforces our commitment to delivering long-term value to our clients. We also recorded strong growth across all revenue streams, including investment income, asset management fees, and investment banking revenues. Our balance sheet remains robust, and with a healthy liquidity position, we remain well-positioned to capture future growth opportunities as markets continue to evolve.' SICO was honored with multiple accolades in 2025, including Best Investment Bank in Bahrain at the Global Finance World's Best Investment Banks Awards for the sixth consecutive year, and Best MENA Fixed Income Strategy (1 Year) for 2024 by the Global Banking & Markets Middle East Awards. At the Euromoney Awards 2025, SICO was also named Best Investment Bank and Best Bank for Diversity and Inclusion in Bahrain. The firm remains the Kingdom's leading broker, holding an 89% market share as of June 2025, and has been the most active market maker for 26 consecutive years. SICO is listed on Bahrain Bourse ('BHB') and its code is SICO-C. The press release and full set of financial statements will be available on SICO and BHB websites. -Ends- About SICO SICO is a leading regional asset manager, broker, and investment bank with USD 8.0 billion in assets under management (AUM). Today, SICO operates under a wholesale banking licence from the Central Bank of Bahrain and also oversees two wholly owned subsidiaries: an Abu Dhabi-based brokerage firm, SICO Invest, and a full-fledged capital markets services firm, SICO Capital, based in Saudi Arabia. Headquartered in the Kingdom of Bahrain with a growing regional and international presence, SICO has a well-established track record as a trusted regional bank offering a comprehensive suite of financial solutions, including asset management, brokerage, investment banking, and market making, backed by a robust and experienced research team that provides regional insight and analysis of more than 90 percent of the region's major equities. Since inception in 1995, SICO has consistently outperformed the market and developed a solid base of institutional clients. Going forward, the bank's continued growth will be guided by its commitments to strong corporate governance and developing trusting relationships with its clients. The bank will also continue to invest in its information technology capabilities and the human capital of its 150 exceptional employees. Media Contact: Ms. Nadeen Oweis Head of Corporate Communications, SICO Email: noweis@
Zawya
04-08-2025
- Business
- Zawya
Solidarity Bahrain raises $31.83mln through preference share issuance
Bahrain - Solidarity Bahrain, a leading Islamic insurance provider, has successfully raised BD12 million through the issuance of Bahrain's first Sharia-compliant, non-voting, non-cumulative, perpetual Tier 1 capital preference shares. The landmark transaction, offered via private placement to accredited shareholders, is aimed at strengthening the company's Tier 1 capital and supporting its long-term growth strategy. SICO, a leading regional asset manager, broker, and investment bank, acted as lead manager and receiving bank, structuring and executing the offering exclusively for existing accredited shareholders of Solidarity Bahrain. The offer period commenced on June 30 and closed on July 16, 2025, following Solidarity's extraordinary general meeting approval in March 2025 and receipt of all required regulatory approvals. A total of 12 million shares were issued at a nominal value of BD1 per share. This innovative issuance offered Solidarity's shareholders a unique opportunity to invest in a Sharia-compliant instrument designed to reinforce the insurer's capital structure. As perpetual securities with no maturity date, the preference shares will serve as a long-term component of Solidarity's capital base. Commenting on the capital raising, Solidarity Bahrain chief executive Jawad Mohammed: 'This issuance reflects our commitment to innovation and our leadership in Islamic finance. It strengthens our capital foundation and supports our growth plans. We are grateful to our shareholders for their trust and to SICO for their instrumental role in ensuring the success of this transaction.' SICO Group chief executive Najla Al Shirawi added: 'We are pleased to have partnered with Solidarity Bahrain on this strategic initiative. This transaction reaffirms SICO's ability to deliver tailored, Sharia-compliant capital market solutions.' Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Observer
04-07-2025
- Business
- Observer
Reforms and Oman Vision 2040 drive recovery, confidence
MUSCAT: Just a few years ago, Oman faced one of the most challenging periods in its fiscal history, grappling with plunging oil prices, mounting public debt and global disruptions that pushed the nation into a deep deficit. Today, however, Oman is on a different path — one defined by recovery, economic reforms and renewed confidence in its future. A June 2025 report by Bahrain-based regional asset manager and investment bank SICO BSC, titled 'Rise of Oman: An Example of Fiscal Prudence,' confirms that Oman ended 2024 with a budget surplus of approximately RO 1 billion. At the same time, the country succeeded in reducing its public debt to RO 15.3 billion, equivalent to just 36.5 per cent of GDP, down from a high of 64 per cent in 2020. The seeds of recovery were planted in 2015 when Oman faced a record budget deficit of RO 4.6 billion. In response, the government implemented aggressive cost-cutting measures. Fuel subsidies were reduced, saving RO 479 million, while electricity subsidies were trimmed by RO 386 million. Defence spending was slashed by RO 350 million and civil ministry budgets were tightly managed. After His Majesty Sultan Haitham bin Tarik assumed leadership in 2020, Oman accelerated its fiscal reforms. The government focused on diversifying its revenue sources and enforcing strict control over expenditures, even during the Covid-19 pandemic. A major milestone was the introduction of VAT in April 2021, which raised RO 301 million in its first year. Between 2020 and 2023, tax and fee revenues increased by approximately 70 per cent, helping reduce dependence on oil revenues. The government's restraint in public sector hiring and wages also played a role. Over the past decade, public sector salaries and benefits have remained largely flat, allowing the state to avoid long-term financial burdens and maintain greater fiscal flexibility. Oman also benefitted from rising oil prices after 2021. While other Gulf states cut production under OPEC+ agreements, Oman maintained strong export volumes, allowing it to capitalise on market conditions. By 2024, Oman had reduced its budget breakeven oil price to $55 per barrel, down from $100 in 2014. This fiscal strength was recognised internationally when Oman's credit rating was upgraded to investment grade (BBB-) in September 2024, a move that is expected to reduce borrowing costs and improve investor confidence. Looking ahead, the 2025 budget projects a modest deficit of RO 620 million, largely due to cautious oil price assumptions. However, analysts — including those at SICO — believe Oman could record another surplus if oil prices remain favourable. To fund priority projects, the government plans to raise RO 750 million through new bonds and sukuk this year. With its finances stabilised, Oman is preparing for a new phase of strategic development aligned with Oman Vision 2040. Key projects include Sultan Haitham City ($2.6 billion), HyDuqm Green Hydrogen Hub ($7.5 billion) and later phases of green hydrogen expansion ($27 billion). Other major initiatives include the Duqm Green Steel Plant, the now-operational Duqm Refinery and revitalisation of Al Khuwair Downtown. Real estate and tourism projects in Yiti, a new UAE–Oman rail network and renewable energy projects such as the Ibri III Solar Plant and five wind power plants are also in the pipeline. 'These projects are not just about infrastructure,' the SICO report notes. 'They're a catalyst for national growth and investor confidence'. Oman is also planning for the long term by broadening its tax base. A domestic minimum top-up tax will be introduced in 2025, followed by the rollout of personal income tax in 2028, representing a major policy shift in the Gulf. At the same time, Oman's capital markets are positioned for growth. Despite returning just 15 per cent over the past decade, the market achieved 10 per cent annualised returns in the past five years. With stocks trading at a forward price-to-earnings ratio of 9.5x, there is potential for market re-rating. The launch of the Tanmia Liquidity Fund in May 2024 is expected to further deepen investor participation. Oman's transformation from fiscal fragility to financial resilience did not happen by chance. It required tough decisions, steady leadership and a focus on long-term stability. As SICO concludes, 'The fiscal consolidation achieved over the past five years provides a strong foundation for Oman to accelerate its ambitious development agenda'.
Argaam
30-06-2025
- Business
- Argaam
SICO Bank maintains upbeat outlook for Saudi healthcare sector
SICO Bank said, in a recent report, that it continues to adopt a positive outlook for the Saudi healthcare sector, amid the huge growth pote
