MANAMA: Solidarity Bahrain has announced a net profit of BD615,000 for the three-months ended September 2020, compared with BD607,000 for the same period in 2019, with an increase of one per cent.

The earning per share for the three-months is 5.13 fils compared to 5.06 fils for the same period in 2019.

Total net profit and surplus for the three-month period is BD719,000 compared with BD701,000 for the same period in 2019, representing 3pc increase.

Net profit for the nine-months ended September 2020 is BD1.975m against a net profit of BD1.896m for the corresponding previous period, representing 4pc increase which is the result of improved technical surplus and performance of the shareholders fund.

The earning per share for the nine-months has increased to 16.47 fils compared to 15.81 fils for the same period in 2019.

The total net profit and surplus for the nine-month period is BD2.132m compared with BD2.004m for the same period in 2019, representing 6pc increase.

Shareholders’ equity as of end-September 2020 is BD27.443m as compared to BD27.267m as of end-2019 representing 1pc increase, and total asset as of September 2020 is BD67.857m as compared to BD69.488m as of end-2019, representing 2pc decrease.

With regards to policyholder’s fund, Solidarity has reported a net surplus of BD104,000 for the three-months till end-September 2020, as compared to BD94,000 surplus for the same period in 2019 with an increase of 11pc.

Solidarity has reported a net surplus of BD157,000 for nine-months till end-September 2020, as compared to the BD108,000 surplus for the same period in 2019, representing an increase of 45pc.

The increase in the overall net profits is mainly due to the improvement in technical results in 2020 as compared to the corresponding previous period.

Solidarity has registered gross premium of BD6.804m for the three-month compared to BD6.715m for the corresponding previous period, representing an increase of 1pc.

The gross contribution for the nine-months is BD22.287m compared to BD22.109m for the corresponding previous period, representing an increase of 1pc.

In a statement, chairman Tawfeeq Shehab commented, “The board of directors expresses its gratitude and appreciation to the government of Bahrain for handling the Covid-19 pandemic, containing its repercussions, optimising its resources and pouring its efforts towards overcoming the pandemic, and supporting the local businesses to withstand the financial burdens caused by the current situation.”

He added, “The interim results for the third quarter of 2020 point out that #TeamSolidarity is committed to deliver growth in revenues and profits.

Solidarity Bahrain chief executive Jawad Mohamed said, “At Solidarity, we are pledged to constantly push forward our offerings and services to achieve and maintain customer satisfaction.

He added, “Bahrain has witnessed extraordinary times during Covid-19 pandemic, and the government has wisely managed to overcome the staggering events accompanied with it. The decline in profitability across all business lines and among all industries is predictable, and we are proud of our team to stand firm against all market disturbances and achieve Solidarity’s predetermined milestones for 2020.”

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