"ESTERAD" Achieves a 45% Increase in Net Profit Attributable to the Shareholders for the 3 months ended 31st March 2023

Esterad Investment Co. BSC (Trading Code: ESTERAD) announced at a meeting of its board of directors yesterday the financial result for the three months ended March 31st, 2023.

Esterad achieved a net profit attributable to the shareholders of BD 362,188 compared to BD 250,172 for the same period of previous year, representing an increase of 45%. Earnings per shares were 2.6 fils compared to 1.8 fils in the previous year. The increase in net profit is primarily due to income on Trading portfolio during the period.

The total comprehensive income attributable to the shareholders for the three months ended 31st March 2023 is negative of BD 22,084 compared to positive total comprehensive income of BD 313,720 of last year. The decrease in total comprehensive income is attributed to the decrease in value of investments during the first quarter of 2023.

The total shareholders' equity attributable to the shareholders as of end of March 2023 BD 34,617,247 compared to BD 35,501,813 as of 2022 financial year-end, recording a slight decrease by 2% primarily due to 2022 dividend declared during the current period. The total assets by the end of March 2023 reduced to BD 51,566,394 compared to BD 53,601,286 as of end of December 2022, a decrease by 4%.

Total income for the three months period was BD 749,033 compared to BD 575,841 for the corresponding period last year, representing an increase of 30%.

Commenting on these results, Mr. Ahmed Abdulrahman, CEO of the Esterad Investment Co., said: "We are pleased to exceed the goals set according to the business plan in the first quarter of 2023 through diversifying sources of income while maintaining cost management, which was reflected in an increase in net profits by 45% compared to the same period last year".

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

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Esterad Investment Company BSC published this content on 30 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2023 07:45:08 UTC.