SICO recorded a consolidated net profit attributable to shareholders amounting to BD1.4 million ($3.7m) in the first quarter of 2025 compared to BD1.9m ($4.9m) recorded in the same quarter last year, reflecting a 25 per cent year-on-year decline.
This decrease was primarily driven by challenging market conditions, along with lower net investment income and a drop in brokerage and other income compared to the first quarter of 2024.
Earnings per share (EPS) recorded 3.42 fils in the first quarter of the year compared to 4.55 fils in the first quarter of 2024.
SICO reported a total comprehensive income of BD1.4m for the first quarter of 2025, compared to a total comprehensive income of BD1.8m booked in the same quarter last year, declining 23pc year-on-year.
The total operating income for the first quarter of 2025 increased by 9pc to BD5.8m compared to BD5.3m achieved in the same period of the previous year.
Total equity attributed to shareholders stood at BD72.1m as of end-March 2025, a slight decline of 2.6pc from BD74m as of end-2024, noting that a dividend of BD3.2m was paid to the equity shareholders for the year 2024 during the first quarter of 2025.
Total assets increased by 21pc to BD499m as of end-March 2025, up from BD411.2m as of end-2024.
Net fee income for the first quarter stood at BD3m compared to BD2.2m for the same period the previous year, reflecting a 39pc y-o-y increase.
Meanwhile, net interest income grew 53pc to BD1.3m in the first quarter of 2025 compared to BD872,000 in the comparable quarter of 2024.
SICO’s net investment income for the first quarter of 2025 decreased 40pc to BD649,000 from the BD1.1m recorded in the same period of 2024.
Finally, brokerage and other income of BD769,000 was recorded for the first quarter of 2025, a 35pc y-o-y decrease from the BD1.2m recorded in the same period last year.
On a gross basis (including leverage), SICO’s assets under management (AUMs) grew 7pc to BD3 billion as of end-March 2025, compared to BD2.8bn recorded at end-2024.
The growth in AUMs was driven by additional mandates and subscriptions to funds across asset classes and the continued outperformance of SICO’s assets under management mandates and funds.
Commenting on the first quarter performance, SICO chairman Abdulla Kamal said: “Despite the challenging market conditions, SICO has demonstrated resilience and adaptability. Our strategic initiatives and commitment to delivering value have enabled us to navigate these headwinds effectively.
“We remain focused on leveraging our strengths to drive sustainable growth and enhance shareholder value. We are confident that our diversified portfolio and prudent risk management strategies will continue to support our long-term objectives.”
The bank’s group chief executive Najla Al Shirawi said: “Our performance in the first quarter of 2025 reflects our robust business model and the dedication of our team. Our assets under management (AUM) have grown to $7.9bn, securing our position among Mena’s top 20 asset managers and ranking us among the top ten Saudi asset managers. Additionally, we have achieved significant growth in net fee income, which includes management fees and investment banking fees.
“Meanwhile, net investment income and brokerage and other income were negatively impacted due to market volatility.”
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