Solidarity Bahrain B.S.C. announces profits of BD 2.1 million for the nine-months period ended 30th September 2020, representing 6% increase.

Solidarity Bahrain B.S.C. announces profits of BD 2.1 million for the nine-months period ended 30th September 2020, representing 6% increase.

MANAMA, BAHRAIN – 12th November, 2020 – 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 615 thousand for the three-month period ended 30th September 2020, compared to BD 607 thousand for the same period in 2019, with an increase of 1%. The earning per share for the three-month period ended 30th September 2020 is 5.13 fils compared to 5.06 fils for the same period in 2019.

The net profit attributed to shareholders’ fund for the nine-month period ended 30th September 2020 is BD 1.975 million against a net profit of BD 1.896 million for the corresponding previous period, representing 4% increase which is the result of improved technical surplus and performance of the shareholders fund. The earning per share for the nine-month period ended 30th September 2020 has increased to 16.47 fils compared to 15.81 fils for the same period in 2019.

The total net profit and surplus for the three-month period ended 30th September 2020 is BD 719 thousand compared to BD 701 thousand for the same period in 2019, representing 3% increase. The total net profit and surplus for the nine-month period ended 30th September 2020 is BD 2.132 million compared to BD 2.004 million for the same period in 2019, representing 6% increase.

The shareholders’ equity as at 30th September 2020 is BD 27.443 million as compared to BD 27.267 million as at 31st December 2019 representing 1% increase, and total asset as at 30th September 2020 is BD 67.857 million as compared to BD 69.488 million as at 31st December 2019, representing 2% decrease.

With regards to policyholder’s fund, Solidarity has reported a net surplus of BD 104 thousand for the three-month period ended 30th September 2020, as compared to BD 94 thousand surplus for the same period in 2019 with an increase of 11%. Solidarity has reported a net surplus of BD 157 thousand for nine-month period ended 30th September 2020, as compared to the BD 108 thousand surplus for the same period in 2019, representing an increase of 45%. The increase in the overall net profits is mainly due to the improvement in technical results in 2020 as compared to the corresponding previous period.

Solidarity has registered gross premium of BD 6.804 million for the three-month period ended 30th September 2020 compared to BD 6.715 million for the corresponding previous period, representing an increase of 1%. The gross contribution for the nine-month period ended 30th September 2020 is BD 22.287 million compared to BD 22.109 million for the corresponding previous period, representing an increase of 1%.

In a statement Mr. Tawfeeq Shehab, Chairman to the board of directors commented: “The Board of Directors expresses its gratitude and appreciation to the government of Bahrain for handling the COVID-19 pandemic, containing its repercussions, optimized its resources and pouring its efforts towards overcoming the pandemic, and support the local businesses to withstand the financial burdens caused by the current situation. He also added: “The interim results for the third quarter of 2020 point out that #TeamSolidarity is committed to deliver growth in revenues and profits.

For his part Jawad Mohamed, Chief Executive Officer, Solidarity Bahrain stated: “At Solidarity, we are pledged to constantly push forward our offerings and services to achieve and maintain customer satisfaction especially under unwishful circumstances. He added: “The Kingdom of Bahrain has witnessed extra-ordinary times during COVID-19 pandemic, and the government has wisely managed to overcome the staggering events accompanied with it”. He also added: “The decline in profitability across all business lines and among all industries is predictable, and we are proud of our team to stand firm against all market disturbances and achieve Solidarity’s predetermined milestones for 2020”.

The full set financial statements and the press release are available on Bahrain Bourse’s website.