Bahrain Flour Mills AGM consent for BD620,640 cash dividend distribution

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Staff Reporter

The Annual General and Extraordinary General Assembly Meeting (AGM) of Bahrain Flour Mills Company yesterday approved the board of director’s recommendation to distribute a cash dividend of BD620,640, which is equivalent to 25 per cent of its paid-up capital.

According to the company, 79.98 per cent of shareholders approved the agenda of the meeting, including the distribution of cash dividends. The shareholders reviewed the report presented by the board of directors along with the auditor’s report on consolidated financial statements for the fiscal year ending December 31, 2021.

Company Chairman Marwan Khalid Tabbara hailed the company’s performance during the last fiscal year along with satisfactory financial results achieved despite the difficulties faced during the past year. As per the financial results, the full-year profit was BD3,946,872 versus BD1,086,159 for the same period in 2020, which is an increase of 263.38pc.

The increase in net income was attributed to a rise in the market valuation of equity investment that contributes meaningfully to the company’s profit. Earnings per share 159 fils for 2021 versus 44 fils for the same period in 2020.

The operating profit was BD226,832 for the year ending December 31, 2021. Marwan Tabbara assured the board of directors that the company will continue its forward march while implementing all plans drawn up to maintain the Kingdom’s sustainable food security.

He thanked His Majesty the King and HRH the Crown Prince and Prime Minister for the support offered to the company in its forward march. He also thanked the board of directors and executive management, appreciating the tremendous efforts the board has made during the last year. “The dedication on the part of the employees of the company form the backbone of all our achievements,” the chairman remarked. Marwan Tabbara expressed his gratitude to regulatory authorities in the Kingdom, all shareholders and customers.

Speaking to The Daily Tribune on the sidelines of the AGM, he said: “This year, we will continue with our existing plans to support the local market. We are the sole supplier of flour in the Kingdom and we are in our best efforts to meet the growing demand with uninterrupted supplies. Our factory modernization and expansion plans are also very much on track.

“We continue to pursue competitive tenders globally as we import from many markets across the globe,” he added. Company Chief Executive Officer Henry W Craig told The Daily Tribune that the executive management hopes to see the long-awaited new mill installation progress that has been delayed by Covid-19 and the global supply chain difficulties.

“Attention is being maintained on the global supply situation emanating out of the conflict in the Northern Hemisphere. If you watch the situation, our job is to see that we make sure we manage any eventualities. I will also have some internal systems updated this year. “Modernising and building a further reputation on the great 50-year history of the company are top priorities.

We are hopeful that we will be able to implement all our objectives this year. “We are fortunate to have a very supportive board, which is a blend of rich experience and specialized knowledge. And this factor is incredibly helpful to me as a CEO to transform this 50-year-old company to a most-modern business organisation,” he added.