Inovest BSC approves 7 pc cash dividend

Manama : Inovest BSC yesterday approved distribution of 7 per cent cash dividend as it held its Annual General Meeting (AGM) at the Bahrain Bourse Auditorium, in the Bahrain Financial Harbour yesterday. 

The AGM also approved the transfer of 10 pc of net income attributable to shareholders to the statutory reserves.

The session, attended by a number of shareholders and proxy voters was presided over by Khaled Saoud Al Sanaousi, Chairman of the Board of Directors, in the presence of the Chief Executive Officer, Murad Al Ramadan, the Chief Financial Officer  Yasser Al Jar, representatives from the Central Bank of Bahrain, the Ministry of Industry, Commerce and Tourism, and the Bahrain Bourse.  Additionally, representatives from the company’s auditors Ernst & Young, and the representative of the Sharia Supervisory Board were present along with other executive management members, several investors, and media representatives.

Additionally, the session covered the Group’s Corporate Governance, and Shariah Supervisory Board’s Report for the year 

 “We are extremely pleased with the turnaround in performance achieved within this last fiscal year.  It is by no means an easy feat to attain a consolidated net profit attributable to equity shareholders of US$ 10.1 million as compared to a net loss of US$ 48.1 m last year.  These results confirm our three-year strategy and its initiatives that include effective management of operating expenses, successful investment exits, improving performance of existing investments, and a reduction in financing costs,” Khaled Al Sanaousi said. 

CEO, Murad Al Ramadan, also commented, “Looking forward, we intend to build on this momentum, and to continue the implementation of our strategy, achieving its three year goals.  This includes looking at diversification of our investment portfolio to include new sectors and markets beyond local boundaries.”