BCFC AGM okays 45pc cash dividend

Bahrain Commercial Facilities Company’s (BCFC) Annual General Meeting (AGM) approved a cash dividend of 45 fils and bonus share issuance at the rate of one share for every 4 shares held. The bonus share issuance will be equivalent to 25 per cent of the issued and paid-up share capital of the Group (2017: Cash dividends 50pc). The shareholders also held an Extraordinary General Meeting to approve the increase in the issued and paid-up capital as a result of the distribution of the bonus shares, and to amend the Memorandum and Articles of Association to reflect the capital increase after obtaining necessary regulatory approvals.

The company’s net profit was BD22.9 million for 2018 which is 11pc higher than BD 20.7m achieved in 2017. Earnings per share was 142 Fils (2017: 129 Fils). For the fourth quarter, net profit was BD 6.8m compared to BD 6.3m profit in the year-earlier quarter. Earnings per share was 42 Fils (2017: 40 Fils). Abdulrahman Fakhro, the Chairman of the Board said, “The results demonstrate the resilience and strength of a well-diversified business model, successful execution of 2016-2018 Strategic Plan initiatives and strong synergies amongst all the subsidiary companies of the Group.”

Dr Adel Hubail, Chief Executive Officer, stated that the Company shall continue to refine its services and innovate new products to accommodate new age customers lifestyle needs. For the fourth quarter of 2018, the Group has achieved a total net interest income of BD 6.7m, 8pc ahead of the same period last year (2017: BD 6.2m). The company has successfully issued a USD 53m syndicated loans. The new loan was raised to replace maturing BD 20m bond facility