SICO BSC (c), a leading regional asset manager, broker, market maker, and investment bank, heldon 24 March 2025 its Annual General Meeting (AGM) at the bank’s headquarters in the BahrainWorld Trade Center, with the presence of members of the Board of Directors and ExecutiveManagement of SICO, and shareholders and representatives from the Central Bank of Bahrain andBahrain Bourse.
The AGM approved the Board of Directors' recommendation to distribute a cash dividend of 7.5% ofthe nominal value of the ordinary shares representing 7.5 fils per share, at a total amount notexceeding BD 3.219 million (USD 8.5 million).
The shareholders reviewed the Board of Directors' report on the Bank's activities and the externalauditors' report on the consolidated financial statements for the financial year ended 31 December2024.
The AGM also approved the audited consolidated financial statements for the financial year ended31 December 2024
For the full year 2024, SICO reported BD 5.5 million (USD 14.6 million) in consolidated net profitattributable to shareholders, representing a 26% increase from the BD 4.4 million (USD 11.6 million)recorded for the year ended 31 December 2023. The increase in profitability is primarily attributableto the solid performance across various lines of business. Earnings per share recorded 13.5 Bahrainifils in 2024, up from 10.7 Bahraini fils in 2023. SICO’s comprehensive income attributable toshareholders stood at BD 5.7 million (USD 15.1 million) in 2024, compared to BD 4.6 million (USD12.2 million) in 2023, representing a 24% increase.
The AGM also approved the transfer of BD 550 thousand to the statutory reserve, BD 60 thousandto charitable donations (Corporate Social Responsibility), and the remaining sum of BD 1.674 millionto the retained earnings account.
The AGM approved the items of the meeting, including approval and authorization of the transactionscarried out during the financial year ended 31 December 2024 with any of the related parties asdescribed in note number 27 of the financial statements. The AGM also discussed and approved theBank's corporate governance report for the year 2024 and discussed the extent of the Bank'scompliance with the requirements of the Central Bank of Bahrain, and the appointment of theexternal auditors for the fiscal year 2025 and authorizing The Board of Directors to determine theirfees. The shareholders additionally agreed on absolving the members of the Board of Directors fromlegal liability arising from all their actions for the financial year ended December 31, 2024.
SICO’s Chairman, Abdulla Ahmed Kamal, shared his gratitude to the bank’s shareholders for theircontinuous support, and to the board of Directors, the Ministry of Industry and Commerce, theCentral Bank of Bahrain, and the Bahrain Bourse for the support and assistance they have offeredthe bank since its establishment. He also extended his appreciation to all regulatory parties in thecountries where SICO and its subsidiaries operate and to SICO’s Board of Directors and employeesfor their hard work, dedication, and loyalty, which continue to form the foundation of the bank’sachievements year after year.
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