BENEFIT AGM approves 10 per cent dividend
BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company's headquarters in the Seef District. Based on the Board's recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital. Furthermore, the shareholders endorsed the allocationof a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities. The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company 's full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks.
In alignment with regulatory requirements, the sessionapproved the reappointment of Ernst & Young (EY) as the company's External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. Speaking on the company's performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: 'In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be asuccess in delivering tangible results. Growth rate for 2024 was 19 per cent.
Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million). Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, longterm sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines. Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain's position as a growing fintech hub
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