Solidarity Bahrain approves 20pc cash dividend and appoints new board members

TDT | Manama                                        

The Daily Tribune – www.newsofbahrain.com   

Solidarity Bahrain B.S.C., a major insurance company in the Kingdom of Bahrain and a subsidiary of Solidarity Group Holding, recently held its Annual General Assembly Meeting for the financial year ended December 31, 2022.

The meeting, which was attended by shareholders and representatives from various organizations, approved the cash dividend at 20 per cent, which is equivalent to 20 fils per share for each ordinary share.

The Central Bank of Bahrain has also approved this cash distribution.

In addition to reviewing and approving the minutes of the previous General Assembly meeting, the shareholders also approved the financial statements for the year ended December 31, 2022.

New board members for Solidarity Bahrain were elected for the term (2023-2025), including Shaikh Khalid bin Mustahail Al Mashani, Salman Al Mahmeed, Tariq Al Aujaili, Anwar Murad, Ashraf Bseisu, Dr. Nawaf Al Hamar, and Ahmed Qassim.

Speaking about the strong financial results showcased by Solidarity Bahrain, Shaikh Khalid bin Mustahil Al Maashani, Chairman of the Board of Directors, said that these efforts resulted in enhancing the level of growth with an increase in net profits amounting to 38% for the year 2022.

“We are fully confident in the experience of the new board members in achieving the aspirations of the shareholders, and we believe that the Company will maintain its ongoing growth trajectory, underpinned by our continuous achievements in the Kingdom’s insurance sector,” he added.

Meanwhile, Jawad Mohammed, Chief Executive Officer of Solidarity Bahrain, expressed his pleasure in successfully concluding the year, launching various initiatives, and accomplishing many milestones as a result of the continuous hard work of the team at Solidarity Bahrain.