Bahrain: Bahrain National Holding's 1H2024 profit plunged on storm losses
Source: Middle East Insurance Review | Oct 2024
Bahrain National Holding (BNH) reported a net profit attributable to shareholders of BHD2.64m ($7.01m), a 37% decrease from the attributable net profit of BHD4.16m achieved during the first half of 2023.
The decrease in the net profit in the first half of 2024 was largely due to claims for damage caused by heavy rains and an increase in vehicle and health claims, BNH said in a statement filed with the Bahrain bourse.
For the quarter ended 30 June 2024, BNH posted a net profit attributable to shareholders of BHD1.05m, a 56% plunge from the corresponding quarter of the previous year.
Investment income increased by 21% to BHD2.07m and the profit from associates grew by 7% to BHD0.92m. The group’s insurance subsidiaries also achieved significant growth of 30% in insurance revenue.
BNH chairman Farooq Almoayyed said, “The region is going through exceptional circumstances that impose challenges on businesses at the local and regional levels. Despite this, the group is still achieving steady and strong growth, the effects of which will be yielded in the results of the fiscal year, thanks to the balanced financial plan and the strategy of diversifying sources of income that have been adopted since the beginning of this year.” M