ABG Announces its Year-end Financial Results

Al Baraka Group B.S.C. (“ABG” or “Group”), Bahrain Bourse trading code “BARKA”, today announced its financial results for the fourth quarter (“the quarter”) and twelve months ended 31 December 2023 (“the year”).
 
The Group announced a net income attributable to shareholders of the parent company of US$17 million for the fourth quarter of 2023, similar to the fourth quarter of 2022.
 
Basic and diluted earnings per share for the fourth quarter of 2023 was US Cents (0.02) compared with US Cents (0.03) in the fourth quarter of 2022.
 
The Group’s net income increased by 14% to US$37 million in the fourth quarter compared with US$32 million for the same period of 2022.
 
Financial Results for the Twelve Months Ended December 31, 2023: 
 
As for the Group’s full-year financial results, the net income attributable to shareholders of the parent company was US$143.5 million in 2023, compared to US$143.1 million for the same period in 2022, registering a growth of 0.3%. This financial stability reflects the Group’s continuity in generating strong financing and investment activities despite the ongoing volatility of markets throughout the year.
 
The Group reported that Basic and diluted earnings per share for the year remained relatively stable at US Cents 8.94 in 2023 compared with US Cents 9.06 for the same period of 2022.
 
The Group’s total net income for 2023 was US$283 million, compared with US$239 million in 2022, showing a rise of 18%. Total operating income for 2023 was US$1.140 billion versus US$1.139 billion in year 2022. Growth in net income was predominantly driven by the increase in income generated by the Group’s Units in Turkey, Jordan and Egypt.
 
Total equity remained stable at US$1.97 billion on 31 December 2023, similar to year-end 2022. Total equity attributable to shareholders and Sukuk holders of the parent company was US$1.25 billion on 31 December 2023, versus US$1.26 billion at year-end 2022, resulting in a slight reduction of 1% due to negative foreign currency translation reserves.
Total Assets of the Group reported a slight increase of 1% at US$25.26 billion as of 31 December 2023 compared with US$24.98 billion on 31 December 2022.
Based on this performance, the Board of Directors recommended to the AGM to distribute cash dividends of US$ 0.01 (Bahraini fils 3.77) for each outstanding share (1% from the share capital amounting to US$ 12.4 million), subject to regulatory and AGM approvals.
Commenting on the results, Shaikh Abdullah Saleh Kamel, Chairman of ABG, said, “In 2023, the Group achieved a year of prosperity and financial stability in both income and profitability. We succeeded in tackling numerous obstacles and challenges in the regional and global financial markets, especially with the ongoing currency fluctuations. Due to our efforts in developing our investments, strategies and digital transformation efforts, we were able to improve our operational framework to deliver a strong financial performance.”
 
Houssem Ben Haj Amor, Group CEO at ABG, added, “We are proud to announce our strong financial results throughout 2023, which represented a year of structural reorganization and operations growth, despite economic volatility in the markets we operate in. High profit rates and significant currencies devaluations represented a challenge to our growth; nevertheless, the Group showed resilience thanks to its conservative business approach and strict cost discipline. Our digitalization initiatives reinforced our growth trend, and although we anticipate continuing challenges in 2024, we remain confident that the Group will be able to maintain and strengthen its financial performance. “
 
This press release in addition to the ABG financial statements are available on the Bahrain Bourse and Group website at: www.albaraka.com