Solidarity Bahrain registers $3.45mln net profit

MANAMA: Solidarity Bahrain has announced a net profit of BD1.360 million for the six-month period ended June 2020 against a net profit of BD1.289m for the corresponding previous period, representing six per cent increase.

In regard to policyholder’s fund, Solidarity has reported a net surplus of BD53,000, as compared to BD14,000 surplus for the same period last year, representing an increase of 279pc.

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

Solidarity has registered gross contribution of BD15.483m for the six-month period compared to BD15.394m for the corresponding previous period, representing an increase of 1pc.

The earning per share has also increased to 11.34 fils for the six-month period ended June 2020 compared to 10.75 fils for the same period last year.

Shareholders’ equity as of June 30, 2020 was BD26.421m as compared to BD27.267m as of end-December 2019, representing 3pc decrease, and total assets as of end-June 2020 is BD71.819m as compared to BD69.488m as of end-December 2019, representing 3pc increase.

Chairman Tawfeeq Shehab said, “The board of directors is pleased with the interim results for the first half of 2020, and the dynamic energy of #TeamSolidarity during these exceptional times.”

He also added, “The strength of the financial results during Covid-19 situation proves that Solidarity Bahrain is committed and dedicated towards accomplishing its strategic and promising achievements.”

Solidarity Bahrain chief executive Jawad Mohamed said, “We are delighted to see our financial results and how our team was persistent to rigidly withstand the current market challenges. During these extraordinary times, Solidarity Bahrain has targeted its efforts towards the safety of its customers and employees, while continuing to provide outstanding services.”

Mr Mohamed said, “Solidarity has advanced in the digital transformation journey by enhancing the online services, and recently launched a chatbot on WhatsApp service offering prompt and automated digital services.”

He added, “This initiative has followed a number of digital transformation accomplishments, developed and implemented entirely by #TeamSolidarity.”

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.