Solidarity Bahrain approves 17.5% cash dividend

Shareholders also approved the company’s financial results for 2020

  
Traders wait at the Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020.

Traders wait at the Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020.

REUTERS/Hamad I Mohammed

MANAMA: Solidarity Bahrain shareholders have approved the distribution of cash dividend of 17.5 per cent, equivalent to 17.5 fils per share for every single ordinary share.

The announcement follows the annual general assembly meeting held yesterday, led by the company chairman Tawfiq Shehab.

During the meeting, shareholders also approved the company’s financial results for 2020 which includes net profit of BD3.08 million, an increase of 6pc, over BD2.90m in 2019.

Commenting, Mr Shehab said, “Solidarity Bahrain showcased a clear example of solid performance, through its financial results, despite the unprecedented economic challenges during the year.

The company even managed to achieve a modest growth over the previous year. We are also pursuing the ongoing potential merger between Solidarity Bahrain and T’azur and we are positive that this will support the company’s position in the market.”

Jawad Mohammed, chief executive of Solidarity Bahrain, commented: “The company took early pre-emptive steps to mitigate the impact of the pandemic. These focused on protecting the health and safety of our staff; and enabling clients to conduct their transactions with the company wholly online.

“This proactive approach proved to be successful in maintaining day-to-day operations despite the majority of staff working from home, and in avoiding any serious business disruptions.”

He added, “We take immense pride and pleasure in stating that our team has made the most out of 2020, by reinforcing our digital channels and uplift the experience of our customers and provide them with additional means of connecting with Solidarity.”

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