ABG H1 profit jumps 86% to US$85m
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Al Baraka Group yesterday posted 2022 Q2 and H1 profits that surged from a year ago thanks to contributions from investment and financing income, despite facing headwinds in a number of markets ABG operates.
Net income attributable to shareholders of the parent company surged 126% to US$ 45 million from US$ 20 m in the second quarter of 2021 (restated). Earnings per share were US$ 2.42 Cents compared to US$ 0.35 Cents in the year-ago quarter (restated).
Total net income jumped 128% to US$ 74 m from US$ 33 m in the prior-year quarter (restated). Net operating income rose 110% to US$ 227 m helped largely by broad-based with contributions from investment and financing income.
During the quarter ended 30 June 2022, the Group re-assessed, in terms of the requirements of FAS 23 – Consolidation, its relationship with Al Baraka Bank Syria, in which it holds directly and indirectly 29% of the ordinary share capital.
Based on the reassessment, the Group concluded that it does not have control over the ABS. As a result, the management has restated the comparative figures to correct the consolidation error in the interim condensed financial statements for the period ended 30 June 2022 as prior year restatements.
Net income attributable to the shareholders of the Group rose 86% to US$ 85 m from US$ 46 m in the prior-year period. (restated).
Earnings per share were US Cents 5.68 compared to US Cents 2.46 a year ago. (restated). Foreign currency translation has led to a 6% reduction in total assets to reach US$ 26 billion at the end of June 2022, compared to US$ 28 bn as of end of December 2021 (restated).
Total operating income grew 44% to US$ 669 m from US$ 465 m for the same period in 2021 (restated). Total net income increased 92% to US$ 137 m during the first six months of 2022, compared to US$ 72 m for the same period of 2021 (restated).