BENEFIT posts BD 3,327,998 profit

TDT | Manama

BENEFIT yesterday posted a 2019 net profit of BD 3,327,998, a 3 per cent decrease in comparison to BD 3,425,743 in 2018. The company’s consolidated operating profit was BD 2,903,964, and 8pc decrease in comparison to BD 3,152,075 in 2018.

Net consolidated assets was BD 22,283,941, a 7pc increase from BD 20,822,183 a year ago. The results were announced during an Annual General Meeting held in the presence of representatives from participating banks via video call, chaired by Mohamed Al Bastaki, Chairman of BENEFIT.

Looking ahead, 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 a license by the Central Bank of Bahrain.

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.

Besides, 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.”

Commenting, Abdulwahed Al Janahi, Chief Executive Officer of BENEFIT, said that the company obtained over 300,000 BenefitPay users by the end of 2019, and achieved a growth of 82% over 2018 in electronic transfers through 15.3 million transactions.

He added: “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”.