Inovest approves 5pc cash dividend

Inovest shareholders yesterday approved a recommendation to distribute a 5 per cent cash dividend during an Annual General Meeting (AGM) at the Bahrain Bourse Auditorium in the Bahrain Financial Harbour. Dr Omar Al Mutawa, Inovest’s Chairman of the Board of Directors presided over the session, in the presence of Inovest’s Chief Executive Officer, Yasser Al Jar, the Shariah Advisory Board representative Sh. Dawoud Bin Essa, as well as the company auditors Ernst and Young.

Agenda for the Ordinary Annual General meeting included a review of the Group’s performance during the year ended December 31st 2018, the Shariah, Auditor, and Corporate Governance reports for the same period, as well as the discussion and approval of the company’s financial results. Dr Al Mutawa commented “As an incoming Chairman of the Inovest Board of Directors, I last year noted that we would spare no effort to extend and deepen Inovest’s mandate of successful returns to its shareholders.

Today, I am pleased to be able to fulfil this promise with the declaration of a 5pc cash dividend to our shareholders after having achieved a consolidated net profit attributable to shareholders of US$14 million.” From his end, CEO, Yasser Al Jar said, “We have entered 2019 with the tools and means needed to implement our new three-year strategy and deliver upon its goals. This includes looking at diversification of our investment portfolio to include new sectors and markets. It also includes enhancing our performance and pursuing greater returns.”