SICO BSC (c), a leading regional asset manager, broker, market maker, and investment bank (licensed as a wholesale bank by the CBB), announced today that it concluded on 27 March 2023 its Annual General Meeting (AGM) at the bank’s premises in the Bahrain World Trade Center with the presence of 97.24% of the share capital. All shareholders present, with the sole exception of the SICO employee share trust who abstained from voting, approved the items in the AGM agenda including the Board of Directors’ proposed distribution of the dividend of 5% of the share capital, aggregating to BD 2.207 million (USD 5.9 million) after completion of the necessary regulatory formalities.

The shareholders also approved the transfer of BD 361 thousand to the statutory reserve, BD 40 thousand to charitable donations (Corporate Social Responsibility), and the remaining sum of BD 943 thousand to the retained earnings account. The shareholders additionally agreed on absolving the members of the Board of Directors from legal liability arising from all of their actions for the financial year ended December 31, 2022.

The shareholders additionally reviewed the Board of Directors’ report on the bank’s activities along with the external auditor’s report on consolidated financial statements for the year ended 31 December 2022.  The Chairman commended the bank’s solid performance during the past year 2022.

For the full year 2022, SICO reported BD 3.6 million (USD 9.4 million) consolidated net profit attributable to shareholders, representing a 44% drop from the BD 6.4 million (USD 17 million) recorded at year-end 2021. Earnings per share recorded 8.45 Bahraini fils in 2022, down from 15.18 Bahraini fils in 2021. SICO’s comprehensive income attributable to shareholders stood at BD 3.2 million (USD 8.5 million) in 2022, compared to BD 6.9 million (USD 18.4 million) in 2021, representing a 54% decline.

The AGM renewed SICO’s Board of Directors through an election and ratified the appointments made by the shareholders owning at least 10% of the bank’s share capital for a total composition of ten members.

The new board shall serve for a period of three years and be composed of the following individuals: Shaikh Abdulla Bin Khalifa Al Khalifa, Dana Raees, Elham Al Majed, and Abdulla Kamal (all appointed by the Social Insurance Organization); Hisham Al Kurdi (appointed by National Bank of Bahrain); Shaikh Waleed Al Hashar (appointed by Bank Muscat); and Mohamed Abdulla Isa, Naseema Haidar, Tala Fakhro, and Khalid Jassim (all elected directors), subject to the approval of the Central Bank of Bahrain (CBB).

During the meeting, the AGM appointed Ernst & Young as the Bank’s external auditor for the year ended 31 December 2023.

SICO’s Chairman, Shaikh Abdulla Bin Khalifa Al Khalifa shared his gratitude to the bank’s shareholders and clients for their continuous support, the Ministry of Industry and Commerce, the Central Bank of Bahrain, and the Bahrain Bourse for the support and assistance they have offered the bank since its establishment. He also extended his appreciation to all regulatory parties in the countries where SICO operates and to SICO’s Board of Directors and employees for their hard work, dedication, and loyalty, which continue to form the foundation of the bank’s achievements.

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About SICO

SICO is a leading regional asset manager, broker, market maker and investment bank, with USD 4.8 bn in assets under management (AUM). Today SICO operates under a wholesale banking licence from the Central Bank of Bahrain and oversees three wholly owned subsidiaries: an Abu Dhabi-based brokerage firm, SICO Financial Brokerage, a specialised regional custody house, SICO Fund Services Company (SFS), and SICO Capital, a Saudi-based investment banking company. Headquartered in the Kingdom of Bahrain with a growing regional and international presence, SICO has a well-established track record as a trusted regional bank offering a comprehensive suite of financial solutions, including asset management, brokerage, investment banking, and market making, backed by a robust and experienced research team that provides regional insight and analysis of more than 90 percent of the region’s major equities. Since inception in 1995, SICO has consistently outperformed the market and developed a solid base of institutional clients. Going forward, the bank’s continued growth will be guided by its commitments to strong corporate governance and developing trusting relationships with its clients. The bank will also continue to invest in its information technology capabilities and the human capital of its 100 exceptional employees.

Media Contact:
Ms. Nadeen Oweis
Head of Corporate Communications, SICO
Email: noweis@sicobank.com