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Solidarity Bahrain B.S.C Announces BD 1.3 Million profit for the 2nd Quarter of 2019

MANAMA, BAHRAIN – 07 August, 2019 – Solidarity Bahrain B.S.C. (Trading Code: SOLID), 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 BD 1.289 million for the six-month period ended 30th June 2019 against a net profit of BD 1.157 million for the corresponding previous period, representing 11% increase. In regard to policyholder’s fund, Solidarity has reported a net surplus of BD 14 thousand, as compared to the BD 23 thousand 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 has registered gross contribution of BD 15.394 million for the six-month period ended 30th June 2019 compared to BD 15.129 million for the corresponding previous period, representing an increase of 2%.

The earning per share has also increased to 10.75 fils for the six-month period ended 30th June 2019 compared to 9.65 fils for the same period in 2018.

The shareholders’ equity as at 30th June 2019 is BD 26.073 million as compared to BD 25.907 million as at 31st December 2018, representing 1% increase, and total asset as at 30th June 2019 is BD 69.10 million as compared to BD 68.61 million as at 31st December 2018, representing 1% increase.

With regard to the financial results for the three-month period ended 30th June 2019, the company achieved a net profit attributable to the shareholders of BD 564 thousands, compared to BD 593 thousands during the second quarter of previous year with a marginal decrease of 5%.  In regard to policyholder’s fund, Solidarity has reported a net deficit of BD 40 thousand, as compared to the BD 20 thousand surplus for the same period in 2018.

Solidarity has registered gross premium of BD 7.589 million for the three-month period ended 30th June 2019 compared to BD 7.580 million for the corresponding previous period, representing a slight increase of 0.12%.

The earning per share for the three-month period ended 30th June 2019 is 4.70 fils compared to 4.94 fils for the same period in 2018.

Commenting on the financial results, Mr. Tawfeeq Shehab, Chairman to 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.”

For his part Jawad Mohamed, Chief Executive Officer, Solidarity Bahrain said: “We are proud with the strong underlying performance and progress achieved by our people.” He also added: “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.” On the other hand, he also highlighted: “We are focusing on enhancing our customer experience by introducing Solidarity’s Digital Self-services and has launched a state of the art and first of its kind Video Insurance Service in the GCC which is well recognized and appreciated by our customers. We always aim to innovate and offer customer-friendly means of transacting with Solidarity.