National Finance House Group announced its financial results for the year ended December 31, 2021. The Group reported a record financial performance in 2021, with a growth in net profit of 41.5%, bringing it to a new level of BHD 1.31 million, compared to BHD 0.93 million in the previous year. Shareholders’ equity increased by 5.6% from BHD 15.36 million in 2020 to BHD 16.22 million in 2021.
The net profit for the last quarter of the fiscal year ending on December 31, 2021 amounted to BHD 98,000, compared to BHD 466,000 in the last quarter of the year 2020. This decrease in net profit is mainly due to the increase in provisions for impairment on loans to customer, which amounted to BHD 409,000 for the last quarter of 2021 compared to BHD 67,000 in the same period of the year 2020.
Based on the Group’s financial results for the year 2021, the Board of Directors proposed the distribution of cash dividends of 8% of the paid-in capital, equivalent to an amount of BHD 600,000 subject to the approval of the Shareholders at the Annual General Assembly meeting, which will be held on March 15, 2022.
Commenting, 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 achieved a strong financial performance for the year 2021, with an increase in net profits by 41.5% reaching to a new high amount of BHD 1.31 million. The Group maintained its market share in the automobile market despite the difficult market conditions that marked the year 2021.”
Mr. Kanoo expressed his gratitude and appreciation to His Majesty King Hamad bin Isa Al-Khalifa and His Royal Highness Prince Salman bin Hamad Al-Khalifa, the Crown Prince and Prime Minister, for their progressive leadership and the strategies launched by the government within the framework of the economic recovery plan, which aims to promote the positive growth of vital sectors in a manner that enhances their role in supplying the national economy.
Ms. May Abdullatif Al Mahmood, the Chief Executive Officer of National Finance House Group, said, "Bahrain witnessed stability in economic growth during the past year and a remarkable improvement in the market situation and consumer confidence, which was positively reflected on the financial results of the Group. We look forward with a positive outlook to the performance of the Group and will continue to focus on strengthening our financial position and enhancing the profitability to generate more value for our shareholders.”