Gulf Hotels Group approves 25% cash dividends
Gulf Hotels Group shareholders approved the distribution of 25 per cent of the company's capital for the financial year ended December 31, 2024, reflecting the group's strong financial performance and commitment to shareholder value.
The dividend, set at 25 fils per share, underscores the company's continued growth as a leading hospitality management group in the kingdom.
The annual general meeting (AGM) and extraordinary general meeting )EGM) took place at the Gulf Hotel Bahrain Convention and Spa yesterday, under the supervision of Bahrain Clear representatives.
The AGM was chaired by Gulf Hotels Group Chairman Fawzi Kanoo and attended by board members, executive management, and representatives from the Industry and Commerce Ministry, the Central Bank of Bahrain, Bahrain Bourse, Bahrain Clear and the group's auditors, EY.
The board recommendation for dividend distribution was driven by robust financial results, with the group reporting total income of BD36.7m, reflecting an 11 per cent year-on-year increase, and a net profit of BD8.9m, marking a 31pc growth compared to the previous year.
During the meeting, Mr Kanoo emphasised the group's commitment to sustainable financial growth and operational excellence.
Shareholders approved the directors' report, auditors' report, balance sheet, profit and loss accounts for 2024, and the corporate governance report, in addition to discharging the board for the same period.
The AGM also appointed the auditors for the upcoming financial year and authorised the board to determine their fees.
Further, shareholders approved the repurchase of treasury shares of up to 10pc of the issued and paid-up capital. In addition, shareholders approved the appointment of a liquidity provider to support market making activities for up to 3pc, following the repurchase of treasury shares. This decision aims to enhance market liquidity and support share price stability in compliance with regulatory guidelines.
Immediately following the AGM, an extraordinary general meeting was convened, during which shareholders ratified updates to the company's commercial activities and approved related amendments to the Memorandum and Articles of Association, pending regulatory approvals.
Commenting on the full-year financial results, Mr Kanoo said: 'We are proud to have achieved this strong financial performance for the year ending December 31, 2024, which reflects strength of our operations, and the success of our strategic initiatives in delivering sustained profitability. The group remains well-positioned to drive continued expansion and deliver sustained value to our shareholders.'
The group's chief executive Ahmed Janahi said, 'The group achieved an exceptional financial performance in 2024, reporting strong growth in revenue and net profit. With a firm commitment to sustained growth, we remain confident in our ability to create long-term value for our shareholders. As we move forward, we will continue to build on this momentum to drive growth and reinforce our position as a leading hospitality group in Bahrain and the Gulf region.'
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