SICO okays BD1.928m dividend

Manama : The shareholders of SICO has approved a proposal to distribute BD 1.928 million in cash dividends for the financial year ended 31 December 2017, at the rate of 5 per cent of nominal value, representing 5 fils per share.

The shareholders also approved the transfer of BD331 thousand to the statutory reserve and the transfer of the remaining sum of BD1.017 million to the retained earnings account.

The decisions were taken during the Annual General Meeting (AGM) and an extraordinary general meeting (EGM) held yesterday at the Capital Club, Bahrain Financial Harbour. The quorum was 100 per cent. 

According to SICO’s financial statements for 2017, the bank achieved a net operating income of BD9.3 million, up by 19pc from BD7.8 million in the previous year. Meanwhile, consolidated net profit increased to BD3.3 million in 2017 from BD2.3 million in 2016, marking a significant increase of 41pc. SICO managed to achieve these strong results despite the challenges prevalent in world markets. 

Assets under management increased to BD465 million (USD1.23 billion) from BD396 million (USD1.05 billion) at the end of the previous year, which is an increase of 17pc, while total shareholders’ equity after appropriation of the statutory reserve stood at BD59.8 million at year end. SICO also achieved a robust consolidated capital adequacy ratio of
59.1pc.

On this occasion, SICO Chairman Shaikh Abdulla bin Khalifa Al Khalifa, other members of the board and CEO Najla Al Shirawi expressed thanks to the Ministry of Industry, Commerce and Tourism, the CBB, and the Bahrain Bourse for the support and assistance they extended to the bank since its establishment.