Bahrain Ship Repairing and Engineering Company (Basrec) shareholders yesterday approved a 50 fils per share cash dividend, amounting to BD989,622, after the company reported a net profit of BD2.4 million for the fiscal year ending December 31, 2024.

The decision was made at the company’s annual general meeting (AGM) held at the Gulf Hotel Bahrain Convention and Spa.

The meeting, which met legal attendance requirements, was chaired by Fawzi Kanoo, chairman of the board, and attended by shareholders, board members, executive management, representatives from KPMG Fakhro, and officials from the Central Bank of Bahrain, the Industry and Commerce Ministry, and Bahrain Bourse.

Mr Kanoo highlighted the company’s strong performance despite “challenges and strong competition,” attributing the success to customer trust and regulatory support.

He also emphasised a key achievement: the launch of the new floating dock (Basrec 2), which he described as a “significant engineering achievement” bolstering Bahrain’s marine industry.

“We are pleased to announce that the company achieved a net profit of BD2.4m despite challenges and strong competition,” said Mr Kanoo.

The AGM also saw the approval of the board of directors’ report, audited financial statements, auditors’ report, and corporate governance report.

On the sidelines of the AGM, Basrec chief executive John Robson noted the company has made a $20m investment in recent years. He stated that the new floating dock has effectively doubled operational capacity.

“We have installed a new floating dock, something we’ve sought for over 20 years, effectively doubling our operational capacity,” said Mr Robson.

The company is also focusing on increasing local workforce participation.

“We are actively working to increase local workforce participation, having hired 200 new Bahraini employees and planning to hire another 200,” Mr Robson added.

Furthermore, Basrec is pursuing new contracts and aiming to diversify through strategic partnerships and acquisitions.

“We anticipate new contracts with the BDF, the US Navy, and local partners, further solidifying our position,” Mr Robson explained.

The company is investing in staff training, including sending Bahraini employees to the UK for advanced skills development, and has promoted several long-term employees to senior management.

“Basrec is also committed to reinvesting in the local community, aiming to become the leading provider of ship repair, maintenance, and engineering in the Gulf,” he added.

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