SICO BSC (c), a leading regional asset manager, broker, market maker, and investment bank, held on 24 March 2025 its Annual General Meeting (AGM) at the bank’s headquarters in the Bahrain World Trade Center, with the presence of members of the Board of Directors and Executive Management of SICO, and shareholders and representatives from the Central Bank of Bahrain and Bahrain Bourse.

The AGM approved the Board of Directors' recommendation to distribute a cash dividend of 7.5% of the nominal value of the ordinary shares representing 7.5 fils per share, at a total amount not exceeding BD 3.219 million (USD 8.5 million).

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 31 December 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 5.5 million (USD 14.6 million) in consolidated net profit attributable to shareholders, representing a 26% increase from the BD 4.4 million (USD 11.6 million) recorded for the year ended 31 December 2023. The increase in profitability is primarily attributable to the solid performance across various lines of business. Earnings per share recorded 13.5 Bahraini fils in 2024, up from 10.7 Bahraini fils in 2023. SICO’s comprehensive income attributable to shareholders stood at BD 5.7 million (USD 15.1 million) in 2024, compared to BD 4.6 million (USD 12.2 million) in 2023, representing a 24% increase.

The AGM also approved the transfer of BD 550 thousand to the statutory reserve, BD 60 thousand to charitable donations (Corporate Social Responsibility), and the remaining sum of BD 1.674 million to the retained earnings account.

The AGM approved the items of the meeting, including approval and authorization of the transactions carried out during the financial year ended 31 December 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 authorizing 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 the financial year ended December 31, 2024.

SICO’s Chairman, Abdulla Ahmed Kamal, shared his gratitude to the bank’s shareholders for their continuous support, and to the board of Directors, the Ministry of Industry and Commerce, 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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About SICO

SICO is a leading regional asset manager, broker, market maker and investment bank, with USD 7.4 bn in assets under management (AUM). Today SICO operates under a wholesale banking licence from the Central Bank of Bahrain and oversees two wholly owned subsidiaries: an Abu Dhabi-based brokerage firm, SICO Invest  and SICO Capital, a Saudi-based investment banking company. 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 170 exceptional employees.

Media Contact:
Ms. Nadeen Oweis
Head of Corporate Communications, SICO
Email: noweis@sicobank.com