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Real estate developer First Bahrain has recorded net profits of $8.9 million in the last financial year.
The firm's total assets at the close of the financial year stood at $145.8 million, compared with $141 million at the end of 2007, with total equity increasing to $143.7 million, indicating that the company has only $2.1 million in liabilities.
These figures, audited by Ernst & Young, were revealed at the company's AGM.
In addition, Sharia auditors Al Mashora and Al Raya for Islamic Financial Consulting has affirmed that the company performed its duties in accordance with the provisions of Islamic Sharia.
The positive results, combined with the performance of the previous two years, enable First Bahrain to meet the technical requirements for listing on the Kuwait Stock Exchange, which is planned for later this year.
With 20 times more cash than debt, the firm has very healthy levels of liquidity.
It also took a very conservative approach towards provisioning, registering impairments totalling $9.6 million.
The company's major stakeholders are KAMCO, Zomorrodah Holding Company, Iskan Housing Finance Company, Wafra International Investments and Action Group Holdings.
Chairman Salah Ahmed Al Wuhaib said: "Our 2008 financial results reflect a strong balance sheet that is not over-leveraged, with healthy levels of liquidity, and a positive cash flow consistent with our prudent approach to business. They also underline our differentiated Sharia-compliant investment philosophy, which focuses on developing domestic demand-driven projects that will bring enduring value and sustainable prosperity to the local community, while also contributing to the growth of the economy."
First Bahrain's flagship project, a warehousing and logistics facility at the Bahrain Investment Wharf continues to make excellent progress.
The first warehouses are due to be delivered in nine months, with the entire project due for completion in 18 months.
