Bahrain - SICO shareholders have approved the distribution of a cash dividend of 7.5 per cent of the nominal value of the ordinary shares representing 7.5 fils per share for a total amount not exceeding BD3.219 million ($8.5m) for the financial year ended December 31, 2024.

The announcement follows the annual general meeting (AGM) yesterday at the bank’s headquarters in the Bahrain World Trade Center, with the presence of members of the board of directors and executive management, shareholders and representatives from the Central Bank of Bahrain and Bahrain Bourse.

SICO is a leading regional asset manager, broker, market maker, and investment bank.

The shareholders reviewed the board of directors’ report on the bank’s activities and the external auditors’ report on the consolidated financial statements for the financial year ended December 31, 2024.

The AGM also approved the audited consolidated financial statements for the financial year ended 31 December 2024.

For the full year 2024, SICO reported BD5.5m ($14.6m) in consolidated net profit attributable to shareholders, representing a 26pc increase from the BD4.4m ($11.6m) recorded for the year ended December 31, 2023.

The increase in profitability is primarily attributable to the solid performance across various lines of business. Earnings per share at 13.5 fils in 2024 are up from 10.7 fils in 2023.

SICO’s comprehensive income attributable to shareholders stood at BD5.7m ($15.1m) in 2024, compared to BD4.6m ($12.2m) in 2023, representing a 24pc increase.

The AGM also approved the transfer of BD550,000 to the statutory reserve, BD60,000 to charitable donations (Corporate Social Responsibility), and the remaining sum of BD1.674m to the retained earnings account.

The meeting approved the items of the meeting, including approval and authorisation of the transactions carried out during 2024 with any of the related parties as described in note number 27 of the financial statements.

The AGM also discussed and approved the bank’s corporate governance report for the year 2024 and discussed the extent of the bank’s compliance with the requirements of the Central Bank of Bahrain, and the appointment of the external auditors for the fiscal year 2025 and authorising the board of directors to determine their fees.

The shareholders additionally agreed on absolving the members of the board of directors from legal liability arising from all their actions for 2024.

SICO chairman Abdulla Ahmed Kamal shared his gratitude to the bank’s shareholders for their continuous support, and to the board of directors, the Industry and Commerce Ministry, the Central Bank of Bahrain, and the Bahrain Bourse for the support and assistance they have offered the bank since its establishment.

He also extended his appreciation to all regulatory parties in the countries where SICO and its subsidiaries operate and to SICO’s board of directors and employees for their hard work, dedication, and loyalty, which continue to form the foundation of the bank’s achievements year after year.

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