Solidarity Bahrain announces $2mln net profit

MANAMA: Solidarity Bahrain has announced a net profit of BD773,000 for the quarter ended March 2021 against a net profit of BD761,000 for the corresponding previous period, representing a 2 per cent increase.

The earning per share has increased to 6.44 fils for the quarter compared to 6.34 fils for the same period in 2020.

In regard to policyholders’ fund, Solidarity has reported a net surplus of BD70,000, as compared to BD29,000 surplus for the same period in 2020, representing an increase of 141pc.

The increase in the net profits is mainly due to the improvement in technical income in 2021 as compared to the corresponding previous period.

Solidarity has registered gross premium of BD8.31m for the quarter compared to BD8.04m for the corresponding previous period, representing an increase of 3pc.

Shareholders’ equity as of end-March 2021 was BD27.34m as compared to BD28.33m as of end-2020, representing 3pc decline, and total assets as of end-March 2021 is BD72.79m as compared to BD68.14m as of end-2020, representing 7pc increase.

Chairman Tawfiq Shehab stated: “The board of directors is pleased with Solidarity’s financial results as the company continues to optimise its operations and strive to maintain its sustainable performance. At Solidarity, we look forward with a positive futuristic look, and are confident that the team is fully prepared to face the market challenges, as well as the present economic fluctuations.”

Chief executive Jawad Mohamed commented: “The challenges posed by the pandemic continues to adversely impact various economic sectors and causing severe repercussions across the globe, and we are highly appreciative of the measures taken by the government to combat Covid-19. At Solidarity, we continue to operate within a preset structured and recognised international operational frameworks and high quality standards, to brace our performance especially during the current global situation, and to overcome the emerging challenges, and mitigate the negative impact of the pandemic.”

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