Bahrain's Esterad net profit rises 49% in first nine months

The increase in net profit and other comprehensive income is due to higher income from trading securities and fair value of equity investments

  
Traders look at the screens at Bahrain Bourse in Manama, Bahrain, February 7, 2018. Image for illustrative purposes.

Traders look at the screens at Bahrain Bourse in Manama, Bahrain, February 7, 2018. Image for illustrative purposes.

REUTERS/Hamad I Mohammed

MANAMA: Esterad Investment Company (Esterad) has announced the nine months financial results for the current year including the financial results of third quarter.

For the nine months ended in September 2019, Esterad achieved a net profit of BD1,171,890 compared with BD784,793 in the previous year, an increase of 49pc.

The company achieved a net profit during the third quarter this year amounting to BD226,194, compared with BD432,738 during the third quarter of the previous year, a decrease of 48 per cent.

The decrease in profit is due to higher fair value gain from investments last year.

Total comprehensive income in the third quarter of 2019 was BD349,790 compared with BD1,471,406 in the same period last year, a decrease of 76pc.

This is due to lower income from investments.

Esterad achieved total revenues of BD580,671 during the third quarter, compared with BD759,417 in the third quarter of last year, a decrease of 24pc.

Earnings per share for the third quarter were 1.62 fils compared with 3.10 fils in the same quarter last year.

The company also achieved total comprehensive income for the nine-month period of BD2,805,260 compared with BD1,698,135 last year, an increase of 65pc.

The increase in net profit and other comprehensive income is due to higher income from trading securities and fair value of equity investments.

Earnings per share were 8.40 fils compared with 5.63 fils in the previous year.

Total shareholders’ equity for the year was BD35,013,218 compared with BD32,207,958 last year end, an increase of 9pc.

Total assets for the year reached BD50,881,970 compared with BD43,605,402 in the previous year end, an increase of 17pc.

Esterad general manager Chandan Gupta said the total revenue for the nine months was BD2,177,139 compared with BD1,739,104 last year, representing a growth of 25pc.

This increase is due to higher income earned from our investments.

The EPS previously reported for the period ended September 2018 for nine months and three months were adjusted from 5.81 fils to 5.63 fils and 3.2 fils to 3.1 fils respectively.

© Copyright 2019 www.gdnonline.com

Copyright 2019 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities