Financial Ratios Solidarity Bahrain B.S.C.

Equities

SOLID

BH0004659858

Property & Casualty Insurance

End-of-day quote Bahrain Bourse Other stock markets 2024-09-02			5-day change	1st Jan Change
0.3500 ^BHD	+0.57%		0.00%	+12.90%

Aug. 14	Solidarity Bahrain B.S.C. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2024	CI
May. 14	Solidarity Bahrain B.S.C. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

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Published financial data: SOLIDARITY BAHRAIN B.S.C.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Premiums and Annuity Revenues	14.97M	15.07M	14.46M	26.72M	26.82M
Total Interest And Dividend Income	1.94M	1.88M	2.13M	2.53M	2.79M
Gain (Loss) on Sale of Investments, Total (Rev)	-	-	-255K	-	-88K
Other Revenues, Total	1.23M	1.34M	1.48M	2.12M	2.75M
Total Revenues	18.14M	18.29M	17.82M	31.37M	32.27M
Policy Benefits	9.56M	9.19M	8.43M	17.81M	17.58M
Policy Acquisition / Underwriting Costs, Total	1.4M	1.45M	1.56M	2.82M	2.9M
Depreciation & Amortization - (IS) - (Collected)	-	-	-	-	-
Selling General & Admin Expenses, Total	-	-	-	-	-
Provision for Bad Debts	358K	156K	35K	109K	60K
Salaries And Other Employee Benefits	2.35M	2.46M	2.57M	3.43M	3.72M
Other Operating Expenses	1.57M	1.95M	1.92M	2.64M	2.8M
Total Operating Expenses	15.24M	15.21M	14.51M	26.81M	27.06M
Operating Income	2.9M	3.08M	3.31M	4.56M	5.21M
EBT, Excl. Unusual Items	2.9M	3.08M	3.31M	4.56M	5.21M
EBT, Incl. Unusual Items	2.9M	3.08M	3.31M	4.56M	5.21M
Earnings From Continuing Operations	2.9M	3.08M	3.31M	4.56M	5.21M
Net Income to Company	2.9M	3.08M	3.31M	4.56M	5.21M
Net Income - (IS)	2.9M	3.08M	3.31M	4.56M	5.21M
Preferred Dividend and Other Adjustments	287K	394K	423K	827K	868K
Net Income to Common Incl Extra Items	2.62M	2.68M	2.88M	3.73M	4.34M
Net Income to Common Excl. Extra Items	2.62M	2.68M	2.88M	3.73M	4.34M
Per Share Items
Net EPS - Basic	0.02	0.02	0.02	0.03	0.03
Basic EPS - Continuing Operations	0.02	0.02	0.02	0.03	0.03
Basic Weighted Average Shares Outstanding	120M	120M	120M	132M	133M
Net EPS - Diluted	0.02	0.02	0.02	0.03	0.03
Diluted EPS - Continuing Operations	0.02	0.02	0.02	0.03	0.03
Diluted Weighted Average Shares Outstanding	120M	120M	120M	132M	133M
Normalized Basic EPS	0.02	0.02	0.02	0.02	0.02
Normalized Diluted EPS	0.02	0.02	0.02	0.02	0.02
Dividend Per Share	0.02	0.02	0.02	0.02	0.02
Payout Ratio	49.26	72.36	63.51	52.6	51.15
Supplemental Items
EBITDA	3.09M	3.33M	3.58M	4.86M	5.4M
EBITA	2.93M	3.08M	3.31M	4.56M	5.27M
EBIT	2.9M	3.08M	3.31M	4.56M	5.21M
Normalized Net Income	1.81M	1.92M	2.07M	2.85M	3.26M
Non-Cash Pension Expense	32K	30K	34K	46K	50K
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Investment In Debt Securities	15.24M	15.13M	13.2M	15.26M	25.98M
Investment In Equity and Preferred Securities, Total	5.02M	6.6M	9.62M	10.08M	10.45M
Total Other Investments	15.79M	16.41M	19.18M	29.17M	20.9M
Total investments	36.05M	38.14M	42M	54.51M	57.33M
Cash And Equivalents	3.91M	4.34M	4.95M	4.68M	9.95M
Reinsurance Recoverable - (IS)	16.41M	13.51M	13.86M	16.39M	20.91M
Other Receivables - (Insurance Template)	9.06M	6.97M	6.05M	15.31M	13.33M
Deferred Policy Acquisition Costs - (BS)	606K	498K	504K	785K	993K
Separate Account Assets	119K	139K	156K	172K	184K
Gross Property Plant And Equipment	2.65M	3.84M	4.31M	6.04M	3.8M
Accumulated Depreciation	-1.41M	-1.66M	-2.14M	-3.88M	-2.48M
Net Property Plant And Equipment	1.24M	2.18M	2.17M	2.16M	1.33M
Goodwill	-	-	-	2.38M	5.64M
Other Intangibles, Total	-	-	-	-	1.27M
Restricted Cash	129K	134K	136K	138K	-
Other Current Assets, Total	1.96M	2.23M	2.83M	2.98M	11.5M
Total Assets	69.49M	68.14M	72.64M	99.51M	122M
Liabilities
Accrued Expenses, Total	2.32M	1.82M	2.24M	3.51M	5.08M
Insurance And Annuity Liabilities	12.19M	11.19M	11.1M	17.96M	18.98M
Unpaid Claims	12.93M	11.99M	12.52M	17.38M	18.74M
Unearned Premiums	15.66M	14.92M	15.9M	24.26M	25.28M
Current Portion of Leases	-	-	105K	219K	168K
Long-Term Leases	-	-	29K	75K	28K
Separate Account Liability	119K	139K	156K	172K	184K
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	461K	32K	29K	29K	29K
Pension & Other Post Retirement Benefits	171K	194K	223K	368K	543K
Other Non Current Liabilities	-1.64M	-470K	377K	2.75M	16.84M
Total Liabilities	42.22M	39.81M	42.69M	66.72M	85.86M
Common Stock, Total	12M	12M	12M	13.33M	13.33M
Additional Paid In Capital	4.18M	4.18M	4.18M	5.73M	5.73M
Retained Earnings	8.45M	9.34M	10.13M	11.46M	13.14M
Treasury Stock	-4K	-4K	-4K	-4K	-4K
Comprehensive Income and Other	2.64M	2.81M	3.65M	2.26M	4.35M
Total Common Equity	27.27M	28.33M	29.95M	32.78M	36.55M
Total Equity	27.27M	28.33M	29.95M	32.78M	36.55M
Total Liabilities And Equity	69.49M	68.14M	72.64M	99.51M	122M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	120M	120M	120M	133M	133M
ECS Total Common Shares Outstanding	120M	120M	120M	133M	133M
Book Value / Share	0.23	0.24	0.25	0.25	0.27
Tangible Book Value	27.27M	28.33M	29.95M	30.4M	29.64M
Tangible Book Value Per Share	0.23	0.24	0.25	0.23	0.22
Total Debt	0	0	134K	294K	196K
Net Debt	-3.91M	-4.34M	-4.82M	-4.38M	-9.75M
Equity Method Investments, Total	-	175K	185K	285K	236K
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	853K	853K	853K	853K	853K
Machinery, Total	1.79M	2.98M	3.12M	4.91M	2.78M
Full Time Employees	131	133	125	174	188

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	2.9M	3.08M	3.31M	4.56M	5.21M
Depreciation, Depletion & Amortization	154K	251K	481K	479K	361K
Amortization of Goodwill and Intangible Assets - (CF)	31K	-	-	-	59K
Total Depreciation, Depletion & Amortization	185K	251K	481K	479K	420K
Amortization of Deferred Charges, Total	-	-	-	-	156K
(Gain) Loss On Sale of Asset - (CF)	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-	50K	36K	26K	-31K
Deferred Policy Acquisition Costs - (CF)	-26K	-66K	-6K	377K	-169K
(Income) Loss On Equity Investments - (CF)	-	-	-34K	-30K	-33K
Provision and Write-off of Bad Debts	358K	156K	35K	109K	60K
Change in Accounts Receivable	-110K	876K	1.33M	-1.05M	2.64M
Reinsurance Recoverable - (CF)	799K	2.12M	-823K	-542K	-2.44M
Change in Unearned Revenues	55K	-65K	66K	-196K	26K
Change in insurance Reserves / Liabilities	-1.12M	-867K	1.37M	1.61M	-283K
Change in Other Net Operating Assets (Collected)	83K	169K	242K	-590K	-1.06M
Other Operating Activities	-1.84M	-1.72M	-1.72M	-2.28M	-2.42M
Cash from Operations	1.29M	3.98M	4.28M	2.47M	2.07M
Capital Expenditure	-282K	-1.19M	-137K	-119K	-341K
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-	-	-	8.36M	-6.1M
Investment in Marketable and Equity Securities, Total	881K	-1.84M	-3.27M	-10.54M	10.79M
Other Investing Activities, Total	1.56M	1.7M	2.05M	2.15M	2.7M
Cash from Investing	2.16M	-1.33M	-1.36M	-159K	7.04M
Long-Term Debt Repaid, Total	-	-	-215K	-185K	-205K
Total Debt Repaid	-	-	-215K	-185K	-205K
Common Dividends Paid	-1.43M	-2.23M	-2.1M	-2.4M	-2.66M
Common & Preferred Stock Dividends Paid	-1.43M	-2.23M	-2.1M	-2.4M	-2.66M
Cash from Financing	-1.43M	-2.23M	-2.32M	-2.58M	-2.87M
Net Change in Cash	2.02M	423K	613K	-270K	6.24M
Supplemental Items
Net Debt Issued / Repaid	-	-	-215K	-185K	-205K
Levered Free Cash Flow	1.12M	3.25M	4.33M	5.75M	-2.72M
Unlevered Free Cash Flow	1.12M	3.25M	4.33M	5.75M	-2.72M
Change In Net Working Capital	600K	-2.26M	-1.92M	-2.54M	6.22M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.63	2.8	2.94	3.31	2.93
Return on Total Capital	6.82	6.92	7.08	9.03	9.33
Return On Equity %	10.92	11.08	11.35	14.54	15.03
Return on Common Equity	9.84	9.66	9.9	11.9	12.53
Margin Analysis
Gross Profit Margin %	39.58	41.79	43.91	34.24	36.55
SG&A Margin	12.95	13.45	14.4	10.92	11.54
EBITDA Margin %	17.02	18.2	20.1	15.48	16.74
EBITA Margin %	16.17	16.83	18.56	14.54	16.33
EBIT Margin %	16	16.83	18.56	14.54	16.15
Income From Continuing Operations Margin %	16	16.83	18.56	14.54	16.15
Net Income Margin %	16	16.83	18.56	14.54	16.15
Net Avail. For Common Margin %	14.42	14.68	16.19	11.9	13.46
Normalized Net Income Margin	10	10.52	11.6	9.09	10.09
Levered Free Cash Flow Margin	6.16	17.77	24.31	18.31	-8.44
Unlevered Free Cash Flow Margin	6.16	17.77	24.31	18.31	-8.44
Asset Turnover
Asset Turnover	0.26	0.27	0.25	0.36	0.29
Fixed Assets Turnover	15.44	10.71	8.2	14.49	24.83
Receivables Turnover (Average Receivables)	2.03	2.54	2.72	2.87	2.15
Short Term Liquidity
Current Ratio	1	0.95	0.9	0.87	1.13
Quick Ratio	0.4	0.38	0.34	0.43	0.46
Operating Cash Flow to Current Liabilities	0.04	0.14	0.14	0.05	0.04
Days Sales Outstanding (Average Receivables)	179.65	144.09	134.21	127.1	169.78
Average Days Payable Outstanding	482.03	428.32	447.57	264.59	318.67
Long Term Solvency
Total Debt/Equity	-	-	0.45	0.9	0.54
Total Debt / Total Capital	-	-	0.45	0.89	0.53
LT Debt/Equity	-	-	0.1	0.23	0.08
Long-Term Debt / Total Capital	-	-	0.1	0.23	0.08
Total Liabilities / Total Assets	60.76	58.43	58.77	67.05	70.14
Total Debt / EBITDA	-	-	0.04	0.06	0.03
Net Debt / EBITDA	-1.27	-1.3	-1.27	-0.87	-1.73
Total Debt / (EBITDA - Capex)	-	-	0.04	0.06	0.04
Net Debt / (EBITDA - Capex)	-1.39	-2.03	-1.32	-0.89	-1.84
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	0.15	0.84	-0.96	76.04	2.03
Gross Profit, 1 Yr. Growth %	13.07	6.49	6.52	37.26	9.8
EBITDA, 1 Yr. Growth %	13.61	8.93	18.14	35.57	14.96
EBITA, 1 Yr. Growth %	11.86	6.06	18.95	37.88	15.52
EBIT, 1 Yr. Growth %	12.69	6.06	18.95	37.88	14.23
Earnings From Cont. Operations, 1 Yr. Growth %	12.69	6.06	7.44	37.88	14.23
Net Income, 1 Yr. Growth %	12.69	6.06	7.44	37.88	14.23
Normalized Net Income, 1 Yr. Growth %	12.69	6.06	18.95	37.88	14.23
Diluted EPS Before Extra, 1 Yr. Growth %	13.45	2.64	7.45	17.35	15.43
Net Property, Plant and Equip., 1 Yr. Growth %	11.52	75.71	-0.32	-0.46	4.16
Accounts Receivable, 1 Yr. Growth %	5.76	-3.79	-13.51	159.98	-14.13
Total Assets, 1 Yr. Growth %	1.27	-1.94	6.61	36.99	23.02
Common Equity, 1 Yr. Growth %	5.25	3.89	5.74	9.45	11.48
Tangible Book Value, 1 Yr. Growth %	5.25	3.89	5.74	1.51	0.43
Cash From Operations, 1 Yr. Growth %	-16.54	209.4	7.61	-42.29	-36
Capital Expenditures, 1 Yr. Growth %	0	321.63	-88.48	-13.14	186.55
Levered Free Cash Flow, 1 Yr. Growth %	-246.83	256.36	41.32	32.65	-154.49
Unlevered Free Cash Flow, 1 Yr. Growth %	-246.83	256.36	41.32	32.65	-154.49
Dividend Per Share, 1 Yr. Growth %	20	16.67	2.86	11.11	25
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	44.61	0.5	-0.88	32.04	34.56
Gross Profit, 2 Yr. CAGR %	97.79	9.73	4.41	20.92	22.77
EBITDA, 2 Yr. CAGR %	324.95	10.69	8.25	26.55	22.82
EBITA, 2 Yr. CAGR %	326.89	8.34	6.75	28.06	26.21
EBIT, 2 Yr. CAGR %	324.63	9.33	6.75	28.06	25.5
Earnings From Cont. Operations, 2 Yr. CAGR %	324.63	9.33	6.75	21.71	25.5
Net Income, 2 Yr. CAGR %	324.63	9.33	6.75	21.71	25.5
Normalized Net Income, 2 Yr. CAGR %	324.63	9.33	6.75	28.06	25.5
Diluted EPS Before Extra, 2 Yr. CAGR %	301.19	7.91	5.01	12.29	16.38
Net Property, Plant and Equip., 2 Yr. CAGR %	15.8	39.98	32.34	-0.39	-21.83
Accounts Receivable, 2 Yr. CAGR %	27.1	-10.07	-8.78	49.95	49.94
Total Assets, 2 Yr. CAGR %