BAHRAIN Ship Repairing and Engineering Company (Basrec) yesterday held its annual general meeting for the financial year 2025 via electronic means, as part of the company’s commitment to best governance practices and enhanced communication with its shareholders.
The meeting was chaired by Fawzi Kanoo, chairman, and attended by shareholders, members of the board of directors, executive management, representatives of regulatory authorities, and external auditors.
During the meeting, the company’s financial and operational performance for the year was reviewed, and its strategic outlook and future directions were discussed.
In his opening remarks, the chairman expressed his sincere appreciation for the continued support Basrec receives from its shareholders and regulatory authorities, noting that such support remains a key pillar in enabling the company to navigate challenges and achieve positive results despite the complex and evolving conditions facing the sector.
The meeting considered and approved the audited financial statements for the year ended December 31, 2025, in addition to ratifying the external auditors’ report and the corporate governance report, reflecting the company’s ongoing commitment to transparency, accountability, and sound corporate governance.
Shareholders also approved the board’s recommendation to distribute a 50 per cent cash dividend, underscoring Basrec’s dedication to delivering sustainable value to its shareholders.
Commenting on the company’s performance, Mr Kanoo said: “Achieving a net profit of BD2,539,622 in a rapidly evolving and increasingly competitive operating environment reflects the strength of the company’s operational foundations, the resilience of its business model, and its ability to adapt to both regional and global developments. The continued trust of our clients, the growth of our strategic partnerships, and the steadfast support of our valued shareholders and regulatory authorities have all played a pivotal role in strengthening this positive performance.
“The strategic investments undertaken by the company during the past period have also been instrumental in supporting this growth, most notably the acquisition and operation of the new floating dock, Basrec 2, which has enabled the company to accommodate larger vessels and broaden its service offerings. This has directly contributed to increased operational activity and enhanced Basrec’s competitiveness in the market.
“We remain committed to ongoing development and modernisation through investment in infrastructure, the advancement of national talent, and the adoption of the latest operational practices, all of which support sustainable growth and create long-term value for all stakeholders.”
He added: “The year 2025 marked an important turning point for Basrec, as the company focused on enhancing operational efficiency, expanding its ship repair and engineering services, and investing in the development of its technical and human capabilities. We are moving ahead with our strategic plans to further strengthen Basrec’s position as a leading provider of maritime services in the region.”
Mr Kanoo further emphasised that Basrec looks to the future with confidence, with a clear focus on seizing opportunities and achieving sustainable growth despite potential market challenges, through innovation, improved operational efficiency, and the expansion of strategic partnerships.
At the conclusion of the meeting, Mr Kanoo expressed his deepest gratitude and appreciation to His Majesty King Hamad and His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, for their continued support of the private sector and their efforts to strengthen Bahrain’s economic environment.
He also extended his appreciation to the ministries and government entities for their active role in supporting the company’s progress, and commended the valuable contributions of suppliers and contractors, whose partnership played an important role in the successful delivery of projects and in supporting the company’s growth throughout 2025.
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