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Manama, Kingdom of Bahrain: BENEFIT announced the financial results for the year 2019, achieving a net profit of BD 3,327,998, a 3% decrease in comparison to BD 3,425,743 in 2018. The Company also achieved a consolidated operating profit of BD 2,903,964, an 8% decrease in comparison to BD 3,152,075 in 2018, also achieved BD 22,283,941 in net consolidated assets, a 7% increase in comparison to BD 20,822,183 in 2018.
In line with the national health and safety directives, and based on the approval of the Central Bank of Bahrain, the Annual General Meeting was held in the presence of representatives from participating banks via video call, chaired by Mr. Mohamed Al Bastaki, Chairman of BENEFIT. During the meeting, Mr. Al Bastaki said: “BENEFIT aims to launch a series of innovative services during 2020, mainly focusing on further developing BenefitPay as a lifestyle, in addition to the growth of the company’s information arm through the launching of several unique and innovative services. BENEFIT will also launch a unique QR code service per electronic wallet during 2020, a service which has recently been granted licensing by the Central Bank of Bahrain, in line with the Company’s commitment to the national economic vision of transforming into a cashless society. The Central Bank of Bahrain and BENEFIT work closely to assist in enabling non-targeted sectors and markets to offer smooth cashless transactions.
Additionally, the Company will focus on expanding with innovative added services to BenefitPay during 2020, such as the expansion of using BenefitPay on the national electronic gate (bahrain.bh) as well as other websites providing commercial products and services, the use of BenefitPay in fuel stations, parking lots, in addition to money transfers via the app. BENEFIT will also offer added features for the “Get to know your E-Agent” service, such as facial recognition and registering customers online. The Company will also include a larger number of members in this service, such as foreign exchange and payment providers. Additionally, BENEFIT will launch a classification service for small and medium enterprises, making their financial transaction easier, and these initiatives are in place to support the ease and convenience of trade, in line with the Kingdom’s vision.”
Mr. Mohamed Al Bastaki, Chairman of BENEFIT, added: “We play a strategic role and on behalf of BENEFIT, I would like to assure all contributing parties of our continuous support, in addition to providing new innovations, in line with our ambitious vision. I would also like to extend my sincere gratitude and appreciation to His Majesty King Hamad Bin Isa Al Khalifa, the King of the Kingdom of Bahrain, His Royal Highness Prince Khalifa Bin Salman Al Khalifa, the Prime Minister, and His Royal Highness Prince Salman Bin Hamad Al Khalifa, Crown Prince and First Deputy Prime Minister of the Kingdom of Bahrain, on their guidance generous support. We would also like to extend our appreciation to the Central Bank of Bahrain and the various public companies and ministries for their continuous encouragement and support throughout the Company’s journey, with aims to enhance the position and elevate the Kingdom’s ranking in the financial services sector. Additionally, we extend our sincere appreciation to our valued customers for their trust, their supporters, and the Company’s employees for their hard and sincere work, in addition to their contributions to bring BENEFIT this success.”
Mr. Abdulwahed Al Janahi, Chief Executive Officer of BENEFIT, said: “We have managed to maintain our position in the sector, setting a strong benchmark for electronic payment providers. We have been awarded the prestigious prize of “Fastest Growing Electronic Payment Provider”, as well as achieved growth in our end of year results with all of our various services, in addition to obtaining over 300,000 BenefitPay users by the end of 2019, and achieving a growth of 82% over 2018 in electronic transfers through 15.3 million transactions. We are still committed to provide all parties in the Kingdom of Bahrain a high-quality service, contributing to the success of the electronic financial transactions sector in the Kingdom. Over the next 3 years, we will focus on a new strategy for BenefitData and BenefitPlus where BenefitPlus becomes a lifestyle and focuses on supporting the food, e-shopping and transportation industries. The company strives to enhance the existing technological infrastructure and support our partners in providing speedy payment services. BenefitData will allow the employment of artificial intelligence in regards to customer data for credit and non-credit services, enabling our partners to serve their customers and answer their inquiries in a faster way, as well as deal with loan inquiries”.
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