Bahrain: – United Gulf Holding Company B.S.C. (“UGH”) announced its results for the first half of 2018. The Company announced while disclosing its results, a net profit attributable to shareholders of parent of US$ 9.5 million for the first half of 2018.

UGH was incorporated in June 2017 as part of realignment of UGB operations and was listed on Bahrain Bourse on 28 September 2017.

Key Financial Highlights for IH2018

  • Net profit attributable to shareholders of the parent of US$ 9.5 million.
  • Net consolidated profit of US$ 11.9 million.
  • Basic earnings per share of US$ 1.22.
  • Total income before interest and other expenses US$ 86.6 million.
  • Total assets of US$ 3.2 billion (31 December 2017: US$ 3.02 billion)
  • Total equity of US$ 516.6 million (31 December 2017: US$ 541.6 million)

Key Financial Highlights for 2Q2018

  • Net Profit attributable to shareholder of parent for 2Q18 of US$ 4.4 million.
  • Basis earnings per share of US$ 65.

Financial Performance

UGH recorded net profit for six months ended attributable to shareholders of the parent of US$ 9.5 million and for the second quarter of 2018 of US$ 4.4 million compared to first quarter reported profits of US$ 5.1 million. Total income before interest and other expenses amounted to US$ 86.6 million.

UGH total assets stood at US$ 3.2 billion compared to US$ 3 billion at 31 December 2017 with total equity of US$ $ 516.6 million (31 December 2016: US$ 541.6 million).

Commenting on the results, Mr. Hussain Lalani, Acting Chief Executive Officer, said:

“UGH posted healthy results exceeding its forecasts for the period as our realignment plan focussed on our core competencies has started paying dividends. We continue to work to improve capital efficiency, profitability and maturity profile, while maintaining asset quality and are looking for growth opportunities at the same time.

UGH through its subsidiary KAMCO, also announced acquisition of a majority stake in Global Investment House, Kuwait, subject to relevant regulatory approvals, earlier during the quarter. This opportunistic investment will help further enhance the Assets Under Management capabilities of the Group and is projected to be a cash accretive investment for the Group. We are cautiously optimistic for the future and are confident that 2018 will be yet another profitable year for the Group.”

-Ends-

About UGH:

UGH is a subsidiary of KIPCO Group and through its underlying investments conducts merchant banking activities. Group’s proprietary investments include assets in commercial banking, real estate, private equity, and quoted securities. As of 30 June 2018, assets under management held through its subsidiary UGH stood at US$ 9.9 billion (31 December 2017: US$ 10.8 billion).

As of 30th  June 2018, UGH’s directly and indirectly held core subsidiaries and associates include: United Gulf Bank B.S.C, Burgan Bank, KAMCO Investment Company (KAMCO), FIMBank p.l.c, North Africa Holding Company, United Gulf Financial Services – North Africa, United Capital Transport Company and United Real Estate Company.

UGH’s subsidiaries, UGB and KAMCO have a proven track record of successfully completing more than 60 investment banking transactions for its clients since 2001 with an aggregate value of over US$ 10 billion including corporate finance, advisory, new issue placement and underwriting, corporate restructuring, bond issuance and merger and acquisition.

For further information:

United Gulf Holding Company

Wadia Majeed

T: +97317520150

E: wadia@ugbbah.com 

© Press Release 2018

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