BHM Capital Financial Services Sees 24% Surge in Pre-Tax Profits for H1 2024
BHM Capital Financial Services has reported a significant increase in its net pre-tax profit for the first half of 2024, driven by diverse income streams and a surge in new accounts.
Summary
BHM Capital Financial Services has announced a 24% increase in its net pre-tax profit for the first half of 2024, reaching AED 18.4 million. The company's total income surged by 30%, and the number of new accounts saw a nearly fourfold increase.
United Arab Emirates, Dubai, July 29, 2024: BHM Capital Financial Services, a leading financial institution in the UAE capital markets, has announced a remarkable 24% increase in its net pre-tax profit for the first half of 2024, reaching AED 18.4 million. After accounting for taxes, the net profit amounted to AED 16.8 million, reflecting a 14% increase compared to AED 14.8 million in the same period last year.
Diverse income streams have been pivotal in this substantial rise in returns compared to the same period in 2023. Total income surged by 30%, climbing to AED 76.6 million from AED 58.9 million in the first half of 2023. Additionally, the company's total assets saw a modest increase of 1%.
One of the most striking achievements for BHM Capital in this period is the extraordinary surge in the total number of new accounts. The company recorded 19,192 new accounts in the first half of 2024, compared to just 3,870 new accounts in the same period last year, reflecting a nearly fourfold increase. This phenomenal growth has significantly boosted market trading activity and enhanced the attractiveness of shares in listed companies by drawing in a larger pool of investors.
Abdul Hadi Al Sa’di, CEO of BHM Capital Financial Services, said: 'This significant increase in profits reflects the success of the company's promising strategy, its continued efforts in diversifying revenue sources, and its position as a leading provider in delivering the best services and sophisticated financial solutions to customers.'
Al Sa’di expressed pride in this positive increase in the company's net profit, emphasizing that these results in the first half of this year reflect the strong performance and significant growth opportunities that establish the company's leading position. He also highlighted BHM Capital's commitment to ensuring that best professional practices are followed while providing the best working environment and adopting and implementing an effective investment strategy.
'Our services are compatible with global practices and systems in this sector, which are of high quality and reliable, and there are still many promising plans that we will be keen to implement to take advantage of the full potential of our strategy,' Al Sa’di added.
BHM Capital is a liquidity provider to many companies listed on the UAE financial markets, contributing through this step to enhancing companies' standing and maintaining the stability of price movements of their traded shares.
Given the company's strong performance, significant growth in new accounts, and strategic initiatives, it is recommended to buy the stock. BHM Capital's robust financial health and strategic direction make it a promising investment opportunity with potential for further growth.
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Summary
BHM Capital Financial Services, a leading financial institution in the UAE, reported a 24% increase in its net pre-tax profit, reaching AED 18.4 million in the first half of 2024. After taxes, net profit was AED 16.8 million, a 14% rise from AED 14.8 million in the same period last year. The company's total income surged by 30% to AED 76.6 million, and total assets increased by 1%. The number of new accounts grew nearly fourfold to 19,192, significantly boosting market trading activity. CEO Abdul Hadi Al Sa’di attributed the profit increase to the company's strategy and efforts in diversifying revenue sources. BHM Capital is also a liquidity provider for many companies listed on UAE financial markets, contributing to their stability.
