|27 March, 2019

Bahrain Duty Free to pay 50% dividend

20% was disbursed as interim cash dividend in August 2018 and the balance 30% will be distributed by April 4

MANAMA: Shareholders of Bahrain Duty Free Shop Complex have approved the distribution of cash dividends equivalent to 50 per cent of the paid-up capital, or 50 fils per share, amounting to BD7,113,597.

A statement issued after the annual general meeting (AGM) of shareholders at the Downtown Rotana yesterday said 20pc (BD2,845,439) was disbursed as interim cash dividend in August 2018 and the balance 30pc will be distributed by April 4.

An extraordinary general meeting that followed the AGM saw shareholders approve the directorship of Jehad Yousif Amin.

The appointment of Mr Amin was put up for approval by shareholders as the Industry, Commerce and Tourism Ministry’s corporate governance module states that a director of a public joint stock company in the kingdom may not be a director of more than five Bahraini public joint companies.

However, Mr Amin also serves as a director of more than five Bahrain public joint stock companies, and these are: Bahrain Duty Free Shop Complex, Bahrain National Holding Company, Trafco Group, Bahrain Cinema Company and BMMI.

Also, Mr Amin represents Bahrain National Holding in Bahrain National Insurance Company and United Insurance Company, BMMI in Banader Hotels Company and Trafco in Bahrain Livestock.

The board of directors of Bahrain Duty Free Shop Complex said it did not believe there was any conflict of interest between Mr Amin’s service on the board and his service as a director of the other public companies and that he would dedicate sufficient time to his duties as a director, which was approved.

The election of a new 10-member board for a three year term (2019-2021) was also approved.

The members of the new board are: Farouk Almoayyed as chairman, Abdulla Buhindi as managing director, along with Shaikh Mohammed bin Ali Al Khalifa, Jassim Mohammed Al Shaikh, Jawad Al Hawaj, Nabeel Al Zain, Jehad Yousif Amin, Abdulrahman Jamsheer, Jalal Mohammed Jalal and Mohammed Al Khan.

Bahrain Duty Free Shop Complex has reported a net profit of BD7,469,566 for 2018, an increase of 5.3pc compared with BD7,091,297 in the previous year.

Basic earnings per share rose 6pc to 53 fils compared with 50 fils in 2017.

Commenting on the results, Mr Almoayyed said 2018 produced excellent results with double-digit growth in revenues and operating profits and the company has made important strategic progress to ensure continued success for the future.

Mr Buhindi said sales growth had surpassed budget and prior-year expectations.

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