BAHRAIN Commercial Facilities Company (BCFC) has announced that its half-year net profit has increased by 56 per cent to BD5.654 million, compared with BD3.629 million in the previous year.
This represents an annualised return on equity of 36 per cent (2004: 27 per cent). The sale of a large land project in Tasheelat Real Estate Service Compant was a major contributor.
"Despite challenging conditions in the first half of 2005 when Japanese car margins were under pressure due to the strength of the yen, National Motor Company earnings were up 4 per cent. The General Motors agency posted strong sales thanks to the increasing product range. The after-sales divisions continued to perform well. July will see the official opening of the newly-refurbished Sehla facility which includes the second AC Delco Service Centre and a new Advantage Used Car operation," the company in a statement said.
The consumer finance business improved in the second quarter for both new business and portfolio quality. The company has recently signed an agreement with the Benefit Company to participate fully in the recently established credit bureau.
Tasheelat Insurance Services Company continued to build market presence and it delivered 30 per cent increase in net profit comapred with the first half 2004. The company has issued new BD10 million bonds to replace the BD8 million bonds that matured in June 2005.