Bahrain-based Esterad posts 24% rise in net earnings

Earnings per share were 1.44 fils compared with 1.16 fils in the previous year

  

MANAMA: Esterad Investment Company has reported a net profit of BD200,709 for the first quarter of 2021 compared with BD161,824 for the same period of previous year, representing an increase of 24 per cent.

The announcement follows a meeting of its board of directors yesterday.

Earnings per share were 1.44 fils compared with 1.16 fils in the previous year.

Total comprehensive income for the three months ended March 2021 was BD361,672 compared to total comprehensive loss of BD2,528,499 for the same period last year.

The increase in net profit and total comprehensive income is attributed to the increase in asset prices due to global economic recovery in the first quarter.

Total shareholders’ equity as of end-March 2021 was BD33,572,195 compared to BD33,863,044 as of 2020 financial year-end, a slight decrease of 1pc. Total assets by end-March 2021 reached BD45,416,096 compared to BD46,878,306 as of end-December 2020, a decrease of 3pc.

Total income for the three months period was BD601,324 compared to BD466,590 for the corresponding period last year, representing an increase of 29pc.

Chief executive Ahmed Abdulrahman said the global economic recovery began despite the continuing impact of the corona pandemic on the global economy this year.

“We have seen positive signs of recovery locally thanks to the decisive measures and steps taken by the government of in this regard, and that positively affected Esterad results in the first quarter, as profits increased by 24pc compared to the same period of the previous year,” he said.

“The increase in earnings and profitability is due to higher income earned from our investments. We have positioned Esterad assets to benefit from increase in asset prices consequent to the global economic recovery,” he added.

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