Solidarity Bahrain approves 17.5% cash dividend
MANAMA: The shareholders of Solidarity Bahrain have approved the distribution of a cash dividend of 17.5 percent, or 17.5 fils per share for each common share.
This announcement follows yesterday’s Annual General Meeting, chaired by Company President Tawfiq Shehab.
During the meeting, shareholders also approved the company’s financial results for 2020, which include net profit of BD 3.08 million, an increase of 6 pc, compared to BD 2.90 million. in 2019.
Commenting, Mr. Shehab said: “Solidarity Bahrain presented a clear example of solid performance, through its financial results, despite unprecedented economic challenges during the year.
The company even managed to achieve modest growth compared to the previous year. We are also pursuing the potential merger underway between Solidarity Bahrain and T’azur and we are confident that this will support the company’s position in the market.
Jawad Mohammed, Managing Director of Solidarity Bahrain, said: “The company has taken early preventive measures to mitigate the impact of the pandemic. These have focused on protecting the health and safety of our staff; and allow customers to transact with the business entirely online.
“This proactive approach has proven to be effective in maintaining day-to-day operations despite the majority of staff working from home, and in avoiding any serious disruption to operations.”
He added: “We are very proud and excited to report that our team made the most of 2020, strengthening our digital channels and improving the experience for our customers and providing them with additional ways to connect with Solidarity. . “
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