GFH ‘committed to further progress’ in Bahrain

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GFH Financial Group shareholders have approved the distribution of a cash dividend of 6.2 per cent of the nominal value of shares, save for treasury shares, equivalent to $0.0164 per share, for the financial year ended December 31, 2023.

This follows the group’s annual general meeting (AGM) held at GFH House in Bahrain Financial Harbour.

The AGM saw shareholders approve the board of directors’ recommendation to allocate $3 million of the obligatory zakat from the retained earnings, provided that the shareholders will be responsible for paying the remaining amount of zakat due.

Also approved were the minutes of the previous meeting held on March 26, 2023, the board of directors’ report on the group’s business activities for 2023, the consolidated financial statements for 2023, the Sharia Supervisory Board’s report, the external auditor’s report, and corporate governance report and the disclosure of any transactions concluded with major shareholders or related parties during 2023.

Shareholders released the board members from liability for the fiscal year ended December 31, 2023, and confirmed the appointment and reappointment of the group’s external auditors for 2024.

Shareholders also authorised the group to repurchase up to 10pc of the total issued shares, subject to approval from the Central Bank of Bahrain.

Moreover, shareholders elected a new board for the next three years, comprising Hisham Alrayes, Ali Murad Ali, Darwish AlKetbi, Ghazi AlHajeri, Abdulmohsen Al Rashed, Abdulla AlZain, Shaikha Minwa bint Ali AlKhalifa, Abdulaziz AlBassam, Rashed AlKaabi and Fawaz AlTamimi.

GFH chairman Ghazi Al Hajeri commented: “Following another year of solid financial performance, we continue to focus on implementing the group’s strategy and delivering top and bottom-line growth. We are also happy to announce that shareholders have authorised the payout of another healthy dividend, as the group remains focused on creating value for its shareholders. We will continue to build on this momentum in 2024 and are committed to further progress and growth in the year ahead.”

Adding, GFH chief executive Mr Alrayes said: “With the support of our shareholders, we are poised to navigate the evolving business landscape, capitalise on emerging opportunities, and drive sustainable growth for the benefit of all stakeholders.”