Bahrain-listed firms’ net profits triple to $2.8bln

Bahrain-listed firms’ net profits triple to $2.8bln

The banking sector lead the way in terms of aggregate FY-2021 net profits, with the sectoral total jumping 102.9pc to $1.23bn from $609m in FY-2020.

Ahli United Bank (AUB) posted the largest FY-2021 net profits among banks at $607m up from $452.2m in FY-2020.

AUB reported its growth was mainly supported by effective balance sheet management and overall economic improvement in Bahrain and the GCC region.

Arab Banking Corp (Bank ABC) was another major contributor to the overall increase in aggregate FY-2021 net profits, as it swung to a net profit of $100m in FY-2021 from a net loss of $89m during FY-2020.

The bank attributed its turnaround to an increase in operating income as well moving on from the impact of ECL charges and regional fraud cases which contributed to its FY-2020 net loss.

The materials sector, which has Alba as its sole constituent, reported the second largest FY-2021 net profits on BHB.

The world’s biggest aluminium smelter outside China posted a record FY-2021 net profit of $1.2bn on the back of increasing aluminum prices and higher production.

In terms of quarterly performance, Q4-2021 total net profits for Bahraini listed companies soared by 584pc to $906.4m from $132.5m in Q4-2020 reflecting the robust full-year performance.

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