Esterad Investment BSC : Press Release Q2 2023 – English

"Esterad Announces Q2-2023 and Half Year 2023 Financial Results"

ESTERAD Net Profit Increased by 127% During Q2-2023

Esterad Investment Company B.S.C (Trading Code: ESTERAD) announced its financial results for the second quarter ended 30 June 2023 and six months period ended 30 June 2023 in its Board of Directors meeting convened on Monday, 7 August 2023.

For the three months period ended 30 June 2023, Esterad reported a net profit attributable to the shareholders of BD 712,169, 127% higher than BD 314,147 reported for the same period last year. Earnings per share amounted to 5.1 fils, against 2.3 fils achieved in the same quarter last year. The total comprehensive income attributable to the shareholders is reported as a gain of BD 501,446 against a loss of BD 190,789 for the same period last year. Esterad achieved a total income of BD 1,059,078, 81% higher than BD 584,829 achieved for the same period in 2022. Net profit growth during Q2-2023 was primarily attributed to the positive shift in investment securities market valuations.

For the six months period ended 30 June 2023, Esterad achieved a net profit attributable to the shareholders of BD 1,074,357, 90% higher than BD 564,319 recorded in the same period last year. Earnings per share was 7.7 fils against 4.1 fils for the same period last year. The total comprehensive income attributable to the shareholders was BD 479,362, 290% higher than BD 122,931 achieved in the same period last year. The Company has achieved total income of BD 1,808,111 for the first six months of 2022, 56% higher than BD 1,160,670 achieved in the same period last year.

Total shareholders' equity attributable to the shareholders at 30 June 2023 is reported as BD 35,118,693, 1% lower than BD 35,501,813 at 31 December 2022. The Company has reported total assets of BD 51,396,439 at the end of June 2023, 4% lower than BD 53,601,286 as reported at 31 December 2022.

The Chief Executive Officer of the Company Mr. Ahmed Abdulrahman stated his satisfaction on the overall Company results. He mentioned that, "We are pleased with the company's strong performance and continuous growth in net profits in light of the exceptional economic challenges in the markets due to the high rate of inflation, which indicates the success of our flexible strategy through diversifying sources of income".

In regards to the latest progress update of the acquisition of Venture Capital Bank B.S.C. (C), we are pleased to announce that the Central Bank of Bahrain has expressed no objection to reactivation of certain Asset Management activities of the Bank which will allow it to launch new investment products and restart generating revenue, which will contribute positively to enhancing Esterad's financial growth and performance in the medium term.

Note: The press release and the full financial statements are available on Bahrain Bourse's website.