Bahrain Kuwait Insurance Company AGM approves 25pc cash dividend

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bahrain Kuwait Insurance Company (BKIC) held its Annual General Meeting (AGM) for the financial year 2023 on Thursday at the Company’s Head office in Seef District with a quorum of 86.20 per cent, and in the presence of representatives of the relevant regulatory authorities.

The General Assembly approved the Board of Directors’ recommendation to distribute a cash dividend of 25% equivalent to 25 fils per share amounting to BD 3,726,095 (excluding the treasury shares).

The General Assembly also approved the rest of the agenda items of this meeting. Murad Ali Murad, Chairman, stated in his report that having collaborated more extensively within the consideration for the current environment and the expected trends ahead, the Board alongside the Management have implemented sound insurance, investment, and operational strategies with the main objective of strengthening both the market and the financial position.

The financial results for 2023, based on the new IFRS17 standards, indicate a decline of 12% compared to last year’s reinstated results due to changes in accounting assumptions which resulted in a one-time exceptional increase in 2022 reinstated results.

The company achieved earnings of 34 fils per share compared to restated 38 fils in 2022. Total comprehensive income attributable to the shareholders for the year stood at BD 5.59 million compared to BD 4.49M in 2022, showing an increase of 24pc.

The total shareholders’ equity as at end of December 2023 is BD 44.23M compared to BD 42.48M (restated) as at end of last year, representing an increase of 4pc. Investment income driven by the company’s strategy to restructure the investment portfolio to earn optimum returns increased by 50pc.

Dr. Abdulla Sultan, CEO, said that despite the challenges faced by the company in 2023, BKIC continued affirming its lead position in the local market and maintained its strong presence in Kuwait by achieving the historical records on growth, profitability and returns to shareholders.