Al Ahlia AGM agrees ‘not to pay’ dividend

Manama : Al Ahlia Insurance Company yesterday held its Ordinary General Assembly Meeting which approved the Board of Directors’ recommendation to avoid paying any dividend for the year 2016.

Last month, Al Ahlia announced a net profit of BD31,808 (2015: Loss: (BD622,699) or 0.51 fils (2015: Loss (10.07 fils)) per share for the year ended 31 December 2016. The total comprehensive profit for the year ended 31 December 2016 was BD725,028 as compared to a comprehensive loss of BD (5,414) in the previous year. The Gross Written Premium stood at BD13,529,014 for the year 2016 as compared to BD 10,926,418 for the year 2015.

Shareholders also approved appropriations, in the transfer of BD3,181 to the statutory reserves during the meeting chaired by the Chairman of Al Ahlia, Dr. Osama Albaharna. The meeting at the BCCI Building, Manama Centre, Bahrain was held with 78.43 per cent of shareholders represented.