Bahrain Commercial Facilities Company, also known as Tas’heelat, has posted a net profit of BD8.6 million ($22.8 million) for 2010, 11 per cent lower than the BD9.6 million earnings of 2009.

The company is maintaining its annual dividend to shareholders at 35 per cent.

Profit for the fourth quarter was ahead at BD1.74 million against BD1.64 million for the same period last year.

The 2009 earnings included some exceptional items which, if excluded, would have meant earnings would have been broadly similar, said chairman Abdulrahman Fakhro.

'The group has delivered a satisfactory performance in a difficult operating environment,' he said. 'Bahrain Credit maintained caution in lending and it is pleasing to note that strategic initiatives like the launch of the Imtiaz credit card has been well accepted in the market.

'The wholly-owned subsidiary National Motor Company, whilst affected like all major car dealers by the strong yen, had a very strong year with earnings of BD1.9 million,' Fakhro added.

'The 2010 results in the context of extremely adverse economic conditions are acceptable,' added chief executive officer Adel Hubail.

'The financial position remains strong and the company is on track to implement key initiatives as outlined in its 2010-2012 strategic plan,' Hubail said. – TradeArabia News Service