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FINANCIAL NEWS
Bahrain’s BCFC reports USD17m profit in H1
26 Jul 2012
(MENAFN) Bahrain Commercial Facilities Company (BCFC) reported more than 75 percent rise in half-yearly profits on improved results in its real estate and insurance businesses, Gulf Daily News reported.
The company said it made USD17 million net profit during the first six months of the year, up from USD9.5 million a year earlier.
CEO Dr Adel Hubail said that BCFC’s four business sectors, consumer finance, real estate, insurance and automotive, have outperformed the market in a recovering economy.
The group’s consumer finance unit “Bahrain Credit” generated more than USD118.6 million in sales during the first half.
The automotive unit “National Motor Company” reported USD5 million profit in the period, the double from a year earlier.
Real estate unit “Tas’heelat Real Estate Services Company” posted USD3.4 million profit, nearly 30 times higher from last year.
BCFC’s insurance business “Tas’heelat Insurance Services Company” recorded a 59 percent growth in profit.
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