Bahrain Credit posts $9.6m net profit
Manama, February 17, 2010
Bahrain Commercial Facilities Company (Bahrain Credit) posted net profit of BD9.6 million for 2009, some 16 per cent lower than the BD11.4 million in 2008.
Profit for the fourth quarter was BD1.6 million ($4.2 million) compared to BD2.4 million the previous year.
The unusually large number of holidays towards the end of last year cut into profit at the company, said a statement.
The board is again recommending an annual cash dividend of 35 per cent.
'The group has delivered a resilient performance which is reflective of the robustness of our business model and our proactive responsiveness to adverse market conditions,' said chairman Abdulrahman Fakhro.
'All businesses have performed creditably under extremely demanding circumstances.
'Bahrain Credit maintained caution in lending particularly in mortgage loans.
'The wholly owned subsidiary, National Motor Company, whilst affected like all major car dealers by lower demand for cars and the strong Japanese yen, retained its number two position amongst the kingdom's automotive distributors,' he added.
'The 2009 results in the context of extremely adverse economic conditions are satisfactory,' said chief executive officer Adel Hubail.
'The company has outperformed the market in its core businesses, the financial position remains extremely strong, the business fundamentals of the group remain solid and going forward, the strategic direction is clear.'-TradeArabia News Service