Bahrain's Basrec looking to making acquisitions

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MANAMA: Bahrain Ship Repairing and Engineering Company (Basrec) is looking to acquire a slipway in the GCC and will grab any opportunity that comes its way, the chairman has said.

Speaking to the GDN on the sidelines of the annual general meeting of shareholders yesterday at the Gulf Hotel Bahrain Convention and Spa, chairman Fawzi Kanoo said any acquisition plans will be carefully studied and follow due diligence.

The company is also studying the installation of a brand new floating dock to enhance its Bahrain facilities. Once approved, the project will take 18 months to be completed, he added.

“It would double the dry docking capacity of the yard and allow for servicing larger sized and new generation vessels,” Mr Kanoo added.

The meeting saw approval of a cash dividend of 50 per cent of the share capital or 50 fils per share amounting to BD990,000 for 2021, same as the previous year.

“Despite the shrinkage in the global business environment in light of the difficult conditions imposed by the Covid-19 pandemic, the company was able to achieve satisfactory revenues,” the chairman told shareholders, adding that the global economic outlook appears to be improving but remains challenging.

Basrec has reported net profits of BD1,433,326 for 2021 compared to BD1,400,033 in 2020.

The company was able to maintain its retained earnings at BD24,580,926 as of end-2021 compared to BD24,174,153 as of end-2020.

“Basrec was able to maintain liquidity and financial sustainability that allowed it to meet all its obligations.”

Mr Kanoo said the company’s strategy based on flexibility in response and continuous excellence in performance, enabled it to operate with minimum interruption, while also enhancing the relationship with existing clients, as it sought to attract new customers.

Thanks to preventive measures, Basrec continued to provide its integrated services in repair and maintenance of ships and associated engineering works, he added.