SICO shareholders approve $5.6mln cash dividends

SICO recorded a consolidated net profit of $7.9mln for 2020

  
Traders chat during early hours after opening of the Bahrain stock market, in Manama, Bahrain June 26, 2016.

Traders chat during early hours after opening of the Bahrain stock market, in Manama, Bahrain June 26, 2016.

REUTERS/Hamad I Mohammed

MANAMA: SICO shareholders have approved the distribution of BD2.142 million in cash dividends for 2020 (5 per cent of the nominal share value), representing 5 fils per share.

The annual general meeting (AGM), which saw 100 per cent quorum, also approved the transfer of BD296,000 to the statutory reserve, BD40,000 to charitable donations and the remaining sum of BD481,000 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 2020.

The meeting was led by SICO chairman Shaikh Abdulla bin Khalifa Al Khalifa, who commended the bank’s 2020 performance, particularly its resilience and adaptability during the unprecedented times.

SICO recorded a consolidated net profit of BD3m for 2020, a decrease of 51pc from BD6m recorded in 2019.

Total comprehensive income for 2020 was BD2.9m, a decrease of 57pc from BD6.8m in 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 price fluctuations and their impact on the market valuation of regional securities.

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