Solidarity Bahrain approves 17.5% cash dividend to the shareholders

Solidarity Bahrain approves 17.5% cash dividend to the shareholders

MANAMA, BAHRAIN – 29th March 2021 – Solidarity Bahrain B.S.C., one of the largest insurance companies in the Kingdom of Bahrain, a subsidiary of Solidarity Group Holding, held yesterday its Annual General Assembly Meeting (“AGM”) for the financial year ended 31st December 2020. The meeting was chaired by Mr. Tawfiq Shehab, Chairman of the Board of Directors and attended by the shareholders, representatives from the Ministry of Industry, Commerce & Tourism, Central Bank of Bahrain, Bahrain Bourse and external auditors.During the meeting, the shareholders approved the Company’s financial results for 2020 which includes net profit of BD 3.08 million from BD 2.90 million in 2019, increasing by 6 per cent. The shareholders also approved the distribution of cash dividend of 17.5%, equivalent to 17.5 Fils per share for every single ordinary share held by the eligible shareholders.

On this occasion, Mr. Tawfiq Shehab, Chairman of the company’s Board of Directors, stated: “Solidarity Bahrain showcased a clear example of solid performance, through its financial results, despite the unprecedented economic challenges during the year, Solidarity Bahrain posted a positive financial performance in 2020, and managed to achieve modest growth over the previous year. We are also pursuing the ongoing potential merger between Solidarity Bahrain and T’azur and we are positive that this step will support the company’s position in the market” He added: “The Board of Directors is highly appreciative of the comprehensive measures being taken by the Government of Bahrain to combat COVID-19. These include its fiscal support and stimulus initiatives, which have limited the effects of the coronavirus on the economy, business sector and society; and its highly-effective public awareness campaign”.

In a statement, Mr. Jawad Mohamed, Chief Executive Officer, Solidarity Bahrain commented: “The Company took early pre-emptive steps to mitigate the impact of the pandemic. These focused on protecting the health and safety of our staff; and enabling clients to conduct their transactions with the Company wholly online. This proactive approach proved to be successful in maintaining day-to-day operations despite the majority of staff working from home, and in avoiding any serious business disruptions”. He added “Solidarity Bahrain has concluded the year with major achievements, thanks to #TeamSolidarity, for their constant commitment and devotion during the most critical times of the year. We take immense pride and pleasure in stating that our team has made the most out of 2020, by reinforcing our digital channels and uplift the experience of our customers and provide them with additional means of connecting with Solidarity, It is also worth mentioning that Solidarity has been awarded as the Best Digital Transformation Insurance Company in Bahrain for the year 2020”.