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Tawfeeq Shehab and Jawad Mohamed

Solidarity Bahrain reports $3.42m H1 profit

MANAMA, August 6, 2019

Solidarity Bahrain, one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, has announced a net profit attributed to shareholders’ fund of BD1.289 million ($3.42 million) for the six-month period ended June 30.
This compares with a net profit of BD1.157 million for the corresponding previous period, representing 11% increase. 
In regard to policyholder’s fund, Solidarity has reported a net surplus of BD14,000, as compared to the BD23,000 surplus for the same period in 2018, representing a decrease of 39%. 
The increase in the net profits is mainly due to the improvement in technical surplus in 2019 as compared to the corresponding previous period, Solidarity said.
Solidarity has registered a gross contribution of BD15.394 million for the six-month period ended June 30, compared to BD15.129 million for the corresponding previous period, representing an increase of 2%.
The earning per share has also increased to 10.75 fils, compared to 9.65 fils for the same period in 2018.
The shareholders’ equity as at June 30 is BD26.073 million as compared to BD25.907 million as at December 31, 2018, representing 1% increase, and total asset is BD69.10 million as compared to BD68.61 million as at December 31, 2018, representing 1% increase.
For the three-month period ended June 30, the company achieved a net profit attributable to the shareholders of BD564,000, compared to BD 593,000 during the second quarter of previous year with a marginal decrease of 5%.  
Tawfeeq Shehab, chairman of the board of directors, said: “The board of directors are satisfied with the interim results for the second quarter of 2019 and pleased with the efforts and commitment of #TeamSolidarity during this period.” 
He also added: “The strength of the financial results reflects the fact that the company is focused and dedicated towards achieving its strategic goals.”
Jawad Mohamed, chief executive officer, Solidarity Bahrain, said: “We are proud with the strong underlying performance and progress achieved by our people. Solidarity Bahrain has implemented and is in compliance with Personal Data Protection Law and has taken further steps towards enhancing the overall Risk Management framework and controls of the company.”  - TradeArabia News Service


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