The Group achieved robust growth of 21% in investment returns and 30% in insurance revenue

Bahrain National Holding (Trading Code: BNH) announced its financial results for the second quarter and for the first half year ended 30th June 2024.

For the second quarter ended 30th June 2024, Bahrain National Holding (BNH) achieved a net profit attributable to the shareholders of BD1.05 million, a 56% decrease from the net profit attributable to shareholders of BD2.42 million achieved during the second quarter of the previous year. Earnings per share for the second quarter ended 30th June 2024 decreased to 9 fils compared to 20 fils in the second quarter of the previous year. The total comprehensive income attributable to the shareholders for the second quarter of 2024 was BD0.94 million, compared to BD4.54 million for the second quarter of the previous year, a decrease of 79%.

For the half year ended 30th June 2024, BNH achieved a net profit attributable to the shareholders of BD2.64 million, a 37% decrease from the attributable net profit of BD4.16 million achieved during the first half of 2023, The decrease in the net profit for the first half compared to the similar period of the previous year resulted from higher claims incurred in the first half of 2024, ?due to the rain claims that the Kingdom was exposed to at the beginning of the year and the increase in vehicle and health claims.

Earnings per share for half year ended 30th June 2024 decreased to 22 fils compared to 35 fils in the first half of 2023. The total comprehensive income attributable to the shareholders for the first half of 2024 decreased to BD4.53 million, compared to BD6.09 million during the first half year of 2023, a decrease of 26%.

The Group achieved robust growth in all lines of business. The investment return increased by 21% to BD 2.07 million and the profit from our associates increased by 7% to BD 0.92 million. The Group's insurance subsidiaries also achieved significant growth of 30% in insurance revenue.

The total shareholders’ equity (excluding non-controlling interest) increased by 1% to BD70.40 million in the half year ended 30th June 2024 compared to BD70.05 million as at the end of 2023. The total assets increased by 12% to BD124.02 million compared to BD111.02 million at the end of the previous year.

Mr. Farooq Almoayyed, Chairman of Bahrain National Holding, commented: “The region is going through exceptional circumstances that impose challenges on businesses at the local and regional levels. Despite this, the group is still achieving steady and strong growth, the effects of which will be yielded in the final results of the fiscal year, thanks to the balanced financial plan and the strategy of diversifying sources of income that have been adopted since the beginning of this year.”

Mr. Raed A. Fakhri, Group Chief Executive of Bahrain National Holding, commented: “I would like to thank the esteemed Board of Directors for their continued support and confidence in the expertise and decisions of the Group’s executives and teams in implementing the Group’s strategies. The semi-annual results were as expected, both in terms of business growth in the Group’s portfolio of investments, and in terms of the impact of market conditions, particularly within the insurance portfolio. We will continue to implement our diversification strategies and initiatives, as evidenced with the significant growth of the Marketable Portfolio returns and Treasury portfolio returns. The strength of the Group’s financial position and our substantial liquidity, allows us to navigate market challenges and to manage key risks impacting the Group to continually generate shareholder returns. I commend the team for their continued determination and creativity to deliver results.”

?The reviewed 2024 mid-year consolidated financial statements and the press release are available on our website www.bnhgroup.com and the Bahrain Bourse’s website.