Bahrain Commercial Facilities upbeat on outlook
Manama, March 21, 2012
Bahrain Commercial Facilities Company, one of the leading lenders in the Kingdom, has got off to a good start this year and is positive about the year ahead.
'The first two months have been very positive and we have seen an improvement in vehicles lending and sales,' said chief executive Dr Adel Hubail following the company's annual meeting at the Diplomat Radisson Blu Hotel, Residence and Spa yesterday.
'At the moment, the outlook for the year is looking encouraging with lending to consumers and business improving as we are experiencing a return of confidence in the market,' he added.
'I would not be exaggerating when I claim 2011 will be recorded as a year of exceptional challenges, upheavals and defining moments in contemporary human history,' chairman Abdulrahman Yusuf Fakhro said in his annual review.
'The disturbing events that happened within our beloved nation, the political changes in key countries within the Middle East and the trajectory of the world economic and financial crisis have been unprecedented and unexpected.
'Following the difficult and adverse operating environment in the first quarter, the company executed a contingency plan that included extreme cost measures to offset a reduction in business performance, tighter inventory controls and a more direct marketing and sales effort whilst supporting customers facing genuine financial difficulties by deferring their loan repayments.
'The successful execution of the plan greatly benefited group performance as reflected in consistent quarter-on-quarter financial results,' he added.-TradeArabia News Service