Bahrain National Holding approves 22% cash dividend payout
Wednesday, 04 15 2020, Category: Insurance and Reinsurance, Country: Bahrain
Shareholders of Bahrain National Holding – the parent company of Bahrain National Insurance and Bahrain National Life Assurance – have approved cash dividend of 22 per cent of paid-up capital for 2019 compared with 15pc in the previous year.
The announcement follows the company’s annual general assembly yesterday attended by shareholders, regulatory authority and key government bodies’ representatives.
During the meeting, the shareholders approved the group’s financial results for 2019 wherein the group reported a net profit of BD5.03 million, while the net profit attributable to the parent company was BD4.8m.
Commenting, chairman Farouk Almoayyed said: “The year 2019 is special for the group as we celebrated our 50th anniversary. The group recorded its highest profit in the past decade. The group achieved a net profit of BD5.03m compared with BD3.49m in 2018, while the net profit attributable to the shareholders was BD4.79m compared with BD3.28m in the previous year. The achievement is commendable as it was against a backdrop of intense competition, soft insurance rates, drop in new vehicle demand, and additional cost pressures due to value added tax and need to comply with additional regulations.”