BCFC Company approves 45pc cash dividend

23/03/2016 08:28 AST

Bahrain Commercial Facilities Company (BCFC) shareholders yesterday approved a cash dividend of 45 per cent (45 fils) of the paid up capital of BD7,251,440, unchanged from 2014.

During the annual general meeting at the Diplomat Radisson Blu Hotel, Residence and Spa, chairman Abdulrahman Fakhro said the profits of 2015 are the highest in the company's history.

Total consolidated net profits of BD17.4m are 20pc higher than BD14.5m earnings of 2014. These results represent a return of 15.6pc on shareholders' equity (2014: 14.3pc) with per share earnings at 108 fils, as against 90 fils in 2014.

Chief executive Dr Adel Hubail highlighted the business performance of each line of business. Bahrain Credit achieved a net profit of BD12.2m and new loans of BD139m resulting in 16pc growth in the loan portfolio to BD230m.

Meanwhile, imtiaz continued to build on its success and now has more than 25,000 credit card customers. The quality of the portfolio remained a key priority with the non-performing loans at 2.8pc of the total loan portfolio which are adequately provided.

National Motor Company registered a consolidated net profit of BD2.1m. NMC Bahrain achieved a net profit of BD3.1m. The results are net of losses of NMC's wholly-owned subsidiary Tas'heelat for General Trading and Cars.

T'asheelat Real Estate Services Company registered a net profit of BD2.1m.

Tas'heelat Insurance Services Company showed further growth in its operations and achieved a net profit of BD1,010,000.

During 2015, BCFC achieved a key initiative that led to the introduction of high quality Chinese automotive brand GAC Motors in the Bahrain automotive market under the umbrella of its newly established subsidiary Tas'heelat Automotive Company.

The liquidity position remained strong and healthy, said Dr Hubail. During the year, BCFC further bolstered its liquidity position through replacing a $100 million syndicated loan with a new $125m five-year syndicated loan.

It is operating at a low leverage of 1.7 which will facilitate further expansions and growth plans. He said refinement in service offerings and introduction of new initiatives are key elements of the newly approved three years' strategic plan for 2016-2018.

Gulf Daily News