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National Finance House Reports Net Profit of BHD 1.34 million for the Fiscal Year Ended 31st December 2022

28 Feb 2023
National Finance House Reports Net Profit of BHD 1.34 million for the Fiscal Year Ended 31st December 2022

National Finance House Group announced its financial results for the year ended December 31, 2022 with growth in net profit by 2.5% to BHD 1.34 million for the year ended 31 December 2022 compared to BHD 1.31 million in 2021. Total shareholders’ equity increased by 4.6% from BHD 16.22 million in 2021 to BHD 16.96 million in 2022, with basic earnings per share rising to Bahraini fils 17.9 compared with17.5 fils the previous year. The net profit for the last quarter of the fiscal year ending on December 31, 2022 amounted to BHD 90 thousand, compared to BHD 98 thousand in the last quarter of the year 2021.

In view of the favorable performance of the Group for the year 2022, the Board of Directors recommended a cash dividend distribution of 8% of the paid-up capital (BHD 600 thousand) subject to obtaining the Shareholders’ approval at the Annual General Meeting and regulatory approval.

On this occasion, Mr. Talal Fuad Kanoo, the Chairman of the Board of Directors of National Finance House Group, expressed his contentment with the financial results, stating: “I am pleased to announce that National Finance House posted a strong financial performance in 2022. The Group continued to maintain a high market share in the automobile market in the Kingdom of Bahrain despite the challenging macroeconomic conditions that marked the year 2022. In terms of implementing our strategy to diversify the Group’s revenue streams and expand our customer base, the Group introduced equipment loans focusing on financing durable medical equipment and financing the purchase and installation of solar panels. Looking forward, we expect that 2023 will be more challenging for the Group amid accelerated inflation and rising cost of funding; however, the Group will remain focused on its ongoing cost discipline and manage its balance sheet conservatively while maintaining selective balance sheet expansion in tandem with the Group’s risk appetite.”

Ms. May Abdullatif Al Mahmood, the Chief Executive Officer of National Finance House Group, said, " In 2022, the economy of the Kingdom of Bahrain recorded a remarkable growth despite global challenges which was marked by uncertainty from geopolitical tensions, energy crisis, continued supply chain disruption, rising inflation rates and rising interest rates. Almost all of the economic sectors in the Kingdom saw a positive growth driven by relatively high oil prices and growth in the non-oil economy. Our outlook remains cautiously optimistic as the local economy is expected to show moderate growth.”