SICO, a leading regional asset manager, broker, market maker, and investment bank, yesterday held its annual general meeting (AGM) virtually, with the presence of members of the board of directors and executive management, external auditors and shareholders and representatives from the Central Bank of Bahrain, Bahrain Clear and Bahrain Bourse.
The AGM approved the board of directors’ recommendation to distribute a cash dividend of 7.5 per cent of the nominal value of the ordinary shares representing 7.5 fils per share, at a total amount not exceeding BD3.219 million ($8.5m).
The shareholders reviewed the board of directors’ report on the bank’s activities and the external auditors’ report on the consolidated financial statements for the financial year ended December 31, 2025.
The AGM also approved the audited consolidated financial statements for the financial year ended December 31, 2025.
For the full year 2025, SICO reported BD5.5m in consolidated net profit attributable to shareholders, unchanged from the last year. EPS stood at 13.49 fils for 2025 compared to 13.48 fils for 2024.
SICO reported total comprehensive income attributable to shareholders of BD5.4m for the full year 2025, a 6pc decrease from BD5.7m recorded in 2024.
The meeting also approved the transfer of BD551,000 to the statutory reserve, and the remaining sum of BD1.738m to the retained earnings account.
Shareholders approved the items of the meeting, including approval and authorisation of the transactions carried out during the financial year ended December 31, 2025 with any of the related parties as described in note number 27 of the financial statements.
The AGM also discussed and approved the bank’s corporate governance report for the year 2025 and discussed the extent of the bank’s compliance with the requirements of the Central Bank of Bahrain, and the appointment of the external auditors for the fiscal year 2026 and authorising the board of directors to determine their fees.
The shareholders additionally agreed on absolving the members of the board of directors from legal liability arising from all their actions for the financial year ended December 31, 2025.
The meeting ratified the appointment of six directors – Abdulla Kamal, Dana Raees and Elham Al Majed representing the Pension Fund; Usman Ahmed and Hussain Al Mohri representing the National Bank of Bahrain (NBB); and Shaikh Waleed Al Hashar representing Bank Muscat – whose appointments had been made by shareholders holding more than 10pc of the bank’s share capital.
Furthermore, the AGM elected four directors by acclamation – Ebrahim Mashal, Fadi Al Qutub, Shaikh Fahad bin Ebrahim Al Khalifa and Khalid Al Jassim – to serve on the new board term.
In light of the current developments in the region, SICO chairman Abdulla Ahmed Kamal expressed his utmost pride in the wise leadership led by His Majesty King Hamad. He also declared his steadfast support for the continued efforts of the government, headed by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister.
He also expressed his appreciation to the Bahrain Defence Force, the Interior Ministry, medical professionals, and all frontline workers for their dedicated efforts and sacrifices in preserving the safety and security of the nation and society.
He further affirmed SICO’s operational readiness and the continuity of its business activities, highlighting the bank’s ability to continue delivering its services to clients with efficiency and reliability, supported by Bahrain’s well-established institutional framework and ongoing co-ordination with regulatory authorities to ensure the highest levels of preparedness and stability.
The chairman also conveyed his sincere thanks and appreciation to the former board members for their valuable contributions during their tenure and their instrumental role in supporting SICO’s growth, strengthening its market position, and advancing its business.
He welcomed the newly-appointed board members noting that he looks forward to working closely with them and the executive management team to continue executing the bank’s strategy and achieving further growth and success in the coming period.
Mr Kamal further expressed his gratitude to the bank’s shareholders for their ongoing support, and the Industry and Commerce Ministry, the Central Bank of Bahrain, and the Bahrain Bourse for the support and assistance they have given to the bank since its establishment.
He also extended his appreciation to all regulatory parties in the countries where SICO and its subsidiaries operate.
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