Bahrain Commercial Facilities Company (BCFC), a top financial services provider, has reported a net profit of BD13.1 million ($34 million) for last year, an increase of six per cent over BD12.3 million recorded in 2012.

Profit for the fourth quarter of last year was BD3.5 million, against BD2.8 million in 2012, reported the Gulf Daily News (GDN), our sister publication.

The board has recommended a cash dividend of 40 per cent.

Chairman Abdulrahman Fakhro said 2013 was a landmark year for the company in more ways than one.

"It is the 30th year of its incorporation and it has posted its highest ever profits in its history," Fakhro said.

"It is also the year when the company has first ventured beyond Bahrain. It has successfully launched a new Honda dealership in Erbil, Kurdistan.

"The outstanding performance of the company is testimony to the clarity of its vision and the strength of its foundations."

The company's consumer finance business, Bahrain Credit, achieved net profit of BD9 million compared to BD6.7 million in 2012. The company has underwritten new loans of BD99 million compared with BD87 million in 2012.

The company's Imtiaz credit card achieved and then surpassed 10,000 cardholders in a very competitive market segment.

It has achieved a 16 per cent growth in portfolio whilst at the same time, improving on its portfolio quality.

National Motor Company had a good year with earnings of BD2.7 million.

The 2013 financial results include pre-incorporation expenses and the expected initial losses of the new dealership in Erbil.

In Bahrain, the company has taken an important step of reorganising its organisation structure by brand to provide better services to its customers and remain efficient.

"The principals are also planning important changes in 2014: General Motors expects to launch a full range of new vehicles and Honda Motors plans to provide us vehicles from its factories closer to Bahrain, therefore reducing lead times in deliveries," Fakhro said.

"Strategic capital investments in upgrading facilities and continued service improvements are translating into higher levels of customer satisfaction."

The company's real estate division, T'asheelat Real Estate Services Company reported net profits of BD712,000 - compared with BD1.6 million in 2012.

"During the year, the company addressed the aspirations of our citizens for affordable housing solutions by successfully completing two projects in Saar," Fakhro said.

The company plans to evaluate more such projects on an on-going basis.

In line with its vision, the company has also continued making prudent investments that offer steady and reliable yields in its rental portfolio.

T'asheelat Insurance Services Company achieved net profit of BD652,000 compared with BD544,000 in 2012.

Last year, the company arranged in excess of 15,000 motor insurance policies and improved on its renewal rate for existing customers.

As an insurance broker, the company continued to enjoy strong relationships with insurance companies to serve the best interests of its customers.

The group continues to maintain a strong and healthy liquidity position.

During the year, the company raised term funding of $155 million that replaced maturing $120 million of syndicated loans.

Additionally, the company successfully issued $20 million five years floating rate bonds, that replaced BD6.7 million of maturing bonds.

"The 2013 financial results and operational developments are very pleasing and an outcome of our relentless efforts to refine our services, innovate new synergies and actively reach out to both our business partners and customers," chief executive officer Dr Adel Hubail said. "All of this underpins our company's philosophy of 'fast, friendly service'." – TradeArabia News Service