SICO posts 41% increase in FY17 net profit

Bahrain-based Securities & Investment Company (SICO) reported a net profit of BD 3.3 million for 2017, a 41 percent increase year-on-year (YoY), on higher revenues across all income lines, the investment bank said in a statement on Sunday.

Net operating income rose 19 percent YoY to BD 9.3 million, while total operating expenses rose to BD 5.8 million, from BD 5.3 million in 2016.

Earnings per share in 2017 rose to 8.01 fils compared to 5.69 fils in the previous year.

For the fourth quarter of 2017, net profit was BD 409,000, compared with BD 1.5 million for the last quarter of the previous year.

SICO ended the year with a shareholders’ equity of BD 59.8 million and a consolidated capital adequacy ratio of 59.1 percent, the statement said. 

Investments at fair value through profit or loss was BD 29.5 million, while assets under management increased to BD 465 million ($1.23 billion) from BD 396 million ($1.05 billion) at the end of the previous year.