SICO concludes annual general meeting via teleconferencing; Approves 5% cash dividend

Shareholders also approved the transfer of BD 296 thousand to the statutory reserve, BD 40 thousand to charitable donations (Corporate Social Responsibility) and the remaining sum of BD 481 thousand to the retained earnings account

  
Shaikh Abdulla bin Khalifa Al Khalifa,nbsp;Chairman of the Board

Shaikh Abdulla bin Khalifa Al Khalifa, Chairman of the Board

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 23 March 2021 its Annual General Meeting (AGM) after establishing 100 percent quorum . During the meeting  the shareholders approved the items in the AGM agenda including the Board of Directors’ proposed distribution of BD 2.142 million in cash dividends for the financial year ended 31 December 2020 (5% of the nominal share value), representing 5 Bahraini fils per share. Shareholders also approved the transfer of BD 296 thousand to the statutory reserve, BD 40 thousand to charitable donations (Corporate Social Responsibility) and the remaining sum of BD 481 thousand to the retained earnings account.

Shareholders also 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 2020. The Chairman commended the bank’s 2020 performance, particularly SICO’s resilience and adaptability during these unprecedented times

SICO recorded a consolidated net profit of BD 3.0 million for the full year 2020, a decrease of 51% from the BD 6.0 million recorded at year-end 2019. SICO’s total comprehensive income for 2020 came in at BD 2.9 million, a decrease of 57% from the BD 6.8 million posted at year-end 2019. The bank’s financial performance in 2020 was impacted by the COVID-19 pandemic-related economic shock and the extreme volatility resulting from oil prices fluctuations and their impact on the market valuation of regional securities. Total assets under management (AUMs) stood at BD 877.9 million (USD 2.3 billion) as of 31 December 2020, increasing by 9% from the BD 808.7 million (USD 2.1 billion) recorded at year-end 2019, while total shareholders’ equity after appropriation of the statutory reserve stood at BD 58.3 million at year end. SICO also achieved a robust consolidated capital adequacy ratio of more than 50%.

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

-Ends-

About SICO

SICO is a leading regional asset manager, broker, market maker and investment bank, with USD 2.1 bn in assets under management (AUM). Today SICO operates under a wholesale banking licence from the Central Bank of Bahrain and also 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 a Saudi-based asset management provider, SICO Financial Saudi Company (under formation). 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.

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