Net profit for the three-month period ended
"The implementation of key strategic initiatives identified under the current three years strategic plan is bearing fruit," chairman
"All business segments remained resilient in a very challenging operating environment."
New business volumes in
The portfolio quality remained good with non-performing loans at 3.4pc of total loan portfolio.
In the automotive business,
The performance was affected by the initial operating results of its wholly owned subsidiary Tas'heelat for General Trading and Cars in Erbil,
The company's strong brands and range, close co-operation with the principals, renewed focus on not just market share but profitability and continued high standards of after-sale service augur well for the future.
Another group firm,
The realised profit is largely attributable to the launch and sale of land plots in Saar 3 project, which received a very encouraging response from Bahraini customers looking for affordable housing, a company spokesman said.
Pursuing similar opportunities, the company has acquired another new large land plot in Sanad area for the purpose of subdivision and sale.
It also continues to make prudent investments in its rental properties portfolio in neighbourhoods which offer high occupancy rates and are providing steady and reliable annuity style yields, the spokesman added.
The insurance services business represented by wholly-owned subsidiary,
"The group has a very low leverage which uniquely positioned it to explore further profitable opportunities that will further improve return to shareholders,"
"The company sustained good performance in all the four business segments in an economy that continued to be stressed due to regional events.
"Management remained watchful to adapt and adjust to changing conditions mitigating risks whilst seeking opportunities.
"The six months performance has been encouraging but the company remains optimistic about the performance for the balance of the year," Dr Hubail added.
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