MANAMA: Shareholders of Sico have approved BD3.899 million in cash dividends for the financial year ended 31 December 2019 (10 per cent of the nominal share value), representing 10 Bahraini fils per share.
Shareholders also approved the transfer of BD603,000 to the statutory reserve and the remaining sum of BD1.532m to the retained earnings account.
The decisions were endorsed during annual and extraordinary general meetings with 94.8pc of shareholders in attendance.
Sico, with fewer than 10 shareholders, elected to conclude the meeting via agenda circulation, with shareholders casting their votes on each agenda item, in order to fulfil its ethical responsibility to its stakeholders, by adopting recommendations issued by the Health Ministry as well as supporting Bahrain’s efforts to contain the spread of Covid-19.
SICO reported a full-year consolidated net profit of BD6m in 2019, up 63pc compared with BD3.7m in 2018.
Its total comprehensive income grew 81pc from BD3.8m in 2018 to BD6.8m in 2019.
Net profit growth for the year was driven by higher revenues and improved operational performance across all business lines.
Total assets under management (AUM) amounted to BD808.7m ($2.1 billion) as of end-December 2019, increasing by 16pc compared with BD699.1m ($1.9bn) at year-end 2018, while total shareholders’ equity after appropriation of the statutory reserve stood at BD59.4m at year end.
Consolidated capital adequacy ratio was 63.57pc.
The AGM elected a new board, whose members include Shaikh Abdulla bin Khalifa Al Khalifa, Khurram Mirza, Dana Raees, Abdulla Kamal, Hisham AlKurdi, Mohamed Abdulla, Naseema Haidar, Khalid Al Jassim and Tala Fakhro.
Shaikh Abdulla, Mr Mirza, Ms Raees and Mr Kamal represent the Social Insurance Organisation (SIO) whereas Mr AlKurdi represents National Bank of Bahrain.
The appointments were made by shareholders owning at least 10pc of the bank’s share capital.
Earlier this month, SIO acquired an additional 13.22pc of paid-up capital from two of Sico’s existing shareholders, Gulf Investment Corporation and Investcorp Holdings, bringing SIO’s total ownership in Sico to 50.38pc.
At the EGM, shareholders approved the establishment of a new subsidiary in Saudi Arabia, SICO Financial Saudi Company, to undertake activities including the management of private non-real estate investment funds and sophisticated investor portfolios.
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