Latest news with #FinancialStatement
Business Wire
6 days ago
- Business
- Business Wire
BWX Technologies Reports Second Quarter 2025 Results
LYNCHBURG, Va.--(BUSINESS WIRE)--BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported second quarter 2025 results. A reconciliation of non-GAAP results is detailed in Exhibit 1. 'We had exceptionally strong second quarter 2025 financial results driven by solid operational performance and pacing of work, particularly in Government Operations, which was complemented by robust bookings in both segments, leading to record backlog,' said Rex D. Geveden, president and chief executive officer. 'The demand for nuclear solutions in the global security, clean energy, and medical markets continues to accelerate,' continued Geveden. 'In our ten years as a standalone public company, BWXT has built significant industrial scale, leading to one of the broadest and highest quality portfolios in the nuclear market. Our robust manufacturing, processing, and servicing capabilities stem from decades of real nuclear experience and our strategic investments in innovation and efficiency; these are underpinned by our technical depth and long history of successfully delivering nuclear solutions to our customers. We remain focused on growth, operational excellence, and strategic investments to create value for our customers, and ultimately our shareholders.' 'Based on our strong year-to-date results, robust bookings, and favorable market outlook, we are increasing our 2025 financial guidance metrics,' said Geveden. 'We now expect adjusted EBITDA of $565 million to $575 million, adjusted EPS of $3.65 to $3.75, and free cash flow of $275 million to $285 million.' Three Months Ended June 30, Revenues Government Operations $ 589.0 $ 540.8 $ 48.1 9% Commercial Operations $ 176.1 $ 141.5 $ 34.6 24% Consolidated $ 764.0 $ 681.5 $ 82.6 12% Operating Income Government Operations $ 109.4 $ 92.5 $ 16.9 18% Commercial Operations $ 6.9 $ 16.6 $ (9.8 ) (59)% Unallocated Corporate (Expense) $ (13.9 ) $ (10.3 ) $ (3.5 ) NM Consolidated $ 102.4 $ 98.8 $ 3.6 4% Consolidated non-GAAP (1) $ 118.6 $ 104.6 $ 14.0 13% EPS (Diluted) GAAP $ 0.85 $ 0.79 $ 0.06 8% Non-GAAP (1) $ 1.02 $ 0.82 $ 0.20 24% Net Income GAAP $ 78.5 $ 73.0 $ 5.4 7% Non-GAAP (1) $ 93.2 $ 75.4 $ 17.8 24% Adjusted EBITDA (1) Government Operations $ 133.0 $ 108.2 $ 24.8 23% Commercial Operations $ 16.2 $ 22.5 $ (6.3 ) (28)% Unallocated Corporate $ (3.3 ) $ (4.5 ) $ 1.2 NM Consolidated $ 145.9 $ 126.2 $ 19.7 16% Cash Flows Operating Cash Flow (2) $ 159.0 $ 65.9 $ 93.1 141% Capital Expenditures (2) $ 32.7 $ 30.4 $ 2.3 8% Free Cash Flow (1) $ 126.3 $ 35.5 $ 90.8 256% Dividends Paid (2) $ 23.1 $ 22.0 $ 1.2 5% NM = Not Meaningful (1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at (2) Items named in the Financial Results Summary differ from names in BWXT Financial Statement. Operating Cash Flow = Net Cash Provided by Operating Activities; Capital Expenditures = Purchases of Property, Plant and Equipment; Dividends Paid = Dividends Paid to Common Shareholders Expand Revenues Second quarter revenue increased in both operating segments. The Government Operations increase was driven by higher naval nuclear component production, special materials processing, and contribution from the acquisition of A.O.T., partially offset by lower microreactor volumes. The Commercial Operations increase was driven by higher revenue associated with commercial nuclear components, higher medical sales, and contribution from the acquisition of Kinectrics, partially offset by lower field services activity due to the timing of life-extension and outage projects, as well as lower fuel handling revenue. Operating Income and Adjusted EBITDA (1) Second quarter GAAP operating income increased as an increase in Government Operations was partially offset by lower Commercial Operations and higher corporate expense, as well as restructuring and transformation, and acquisition related costs. Second quarter non-GAAP (1) operating income increased as an increase in Government Operations and lower corporate expense was partially offset by lower Commercial Operations. The Government Operations increase was driven by higher revenue and solid operational performance. The decrease in Commercial Operations was mainly due to revenue mix, related to the timing of life-extension and outage projects mentioned above, and growth investments. Second quarter adjusted EBITDA (1) increased for the reasons noted above. EPS Second quarter GAAP EPS increased as higher operating income, higher other income and a lower tax rate, were partially offset by higher interest expense. Non-GAAP EPS (1) increased as higher operating income, higher other income and a lower tax rate were partially offset by higher interest expense. Cash Flows Second quarter operating cash flow increased driven by higher net income, working capital management, and timing of awards. Capital expenditures increased slightly due to timing of select growth investments, including the previously announced expansion of the Cambridge manufacturing plant that supports the commercial nuclear market. Dividend BWXT paid $23.1 million, or $0.25 per common share, to shareholders in the second quarter of 2025. On July 30, 2025, the BWXT Board of Directors declared a quarterly cash dividend of $0.25 per common share payable on September 5, 2025, to shareholders of record on August 18, 2025. 2025 Guidance BWXT raised its 2025 guidance for revenue, adjusted EBITDA (1) and non-GAAP EPS (1), and increased the low-end its free cash flow guidance. Additional information can be found in the second quarter 2025 earnings call presentation on the BWXT investor relations website at The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. These items could cause GAAP results to differ materially from non-GAAP results. Conference Call to Discuss Second Quarter 2025 Results Date: Monday, August 4, 2025, at 5:00 p.m. EDT Live Webcast: Investor Relations section of website at Expand Full Earnings Release Available on BWXT Website A full version of this earnings release is available on our Investor Relations website at BWXT may use its website ( as a channel of distribution of material Company information. Financial and other important information regarding BWXT is routinely accessible through and posted on our website. In addition, you may elect to automatically receive e-mail alerts and other information about BWXT by enrolling through the 'Email Alerts' section of our website at Non-GAAP Measures BWXT uses and makes reference to adjusted EBITDA, non-GAAP EPS, free cash flow and free cash flow conversion, which are not recognized measures under GAAP. BWXT is providing these non-GAAP measures to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company's operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. Definitions for the non-GAAP measures are provided below and reconciliations are detailed in Exhibit 1, except that reconciliations of forward-looking GAAP measures are not provided because the company is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. Other companies may define these measures differently or may utilize different non-GAAP measures, thus impacting comparability. Non-GAAP Earnings Per Share (EPS) is calculated using GAAP EPS less the non-operational tax effected per share impact of pension & OPEB mark-to-market gains or losses and other one-time items, such as restructuring, transformation, acquisition-related costs, and acquisition-related amortization. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is calculated using non-GAAP net income, plus provision for income taxes, less other – net, less interest income, plus interest expense, plus depreciation and amortization. Adjusted pre-tax income is non-GAAP income before provision for income taxes. Free Cash Flow (FCF) is calculated using net income to derive net cash provided by (used in) operating activities less purchases of property, plant and equipment. Free Cash Flow conversion is free cash flow divided by net income. Non-GAAP Adjustments Our GAAP financial results detailed in Exhibit 1 have been adjusted for the following items: Restructuring and Transformation Costs: Restructuring and transformation costs include restructuring charges as well as costs associated with our efforts to optimize underlying business processes through investments in information technology, process improvements and the implementation of strategic actions and initiatives which we deem to be incremental and non-recurring in nature. Acquisition-related Costs: Acquisition-related costs relate to third-party professional service costs and one-time incremental costs associated with due diligence activities and efforts to integrate the acquired business with our legacy operations. Forward-Looking Statements BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues; our plans and expectations for each of our reportable segments, including growth opportunities and the expectations, timing and revenue of our strategic initiatives, such as medical radioisotopes, SMR components and recent acquisitions; disruptions to our supply chain and/or operations, changes in government regulations and other factors; and our expectations and guidance for 2025 and beyond. These forward-looking statements are based on management's current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog; federal budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms and the debt ceiling, the potential for government shutdowns and changing funding and acquisition priorities; the demand for and competitiveness of nuclear products and services; capital priorities of power generating utilities and other customers; the timing of technology development, regulatory approvals and automation of production; the receipt and/or timing of government approvals; the potential recurrence of subsequent waves or strains of COVID-19 or similar diseases; labor market challenges, including employee retention and recruitment; adverse changes in the industries in which we operate; and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT's filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2024 and subsequent Form 10-Q filings. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. About BWXT At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. A U.S.-based company, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental restoration, nuclear medicine and space exploration. With nearly 10,000 employees, BWXT and its affiliated companies have 20 major operating sites in the U.S., Canada and the U.K. BWXT and its industry partners support the U.S. Department of Energy and National Nuclear Security Administration across more than a dozen major contracts in North America. For more information, visit Follow us on LinkedIn, X, Facebook and Instagram. EXHIBIT 1 Three Months Ended June 30, 2024 Government Operations Operating Income $ 92.5 $ 0.3 $ — $ — $ 92.8 Commercial Operations Operating Income $ 16.6 $ 1.5 $ — $ — $ 18.1 Unallocated Corporate Operating Income $ (10.3 ) $ 4.0 $ 0.1 $ — $ (6.3 ) Operating Income $ 98.8 $ 5.8 $ 0.1 $ — $ 104.6 Other Income (Expense) (7.2 ) — — — (7.2 ) Income Before Provision for Income Taxes 91.6 5.8 0.1 — 97.4 Provision for Income Taxes (18.6 ) (1.3 ) (0.0 ) (2.2 ) (22.1 ) Net Income 73.0 4.4 — (2.2 ) 75.4 Net Income Attributable to Noncontrolling Interest (0.1 ) — — — (0.1 ) Net Income Attributable to BWXT $ 73.0 $ 4.4 $ — $ (2.2 ) $ 75.3 Diluted Shares Outstanding 91.8 91.8 Diluted Earnings per Common Share $ 0.79 $ 0.05 $ 0.00 $ (0.02 ) $ 0.82 Effective Tax Rate 20.3 % 22.7 % Expand EXHIBIT 1 (continued) (In millions) Three Months Ended June 30, 2025 Net Income $ 78.5 $ 7.6 $ 5.3 $ 1.9 $ 93.2 Provision for Income Taxes 19.3 1.4 2.0 0.6 23.3 Other – net (6.5 ) — — — (6.5 ) Interest Expense 11.7 — — — 11.7 Interest Income (0.6 ) — — — (0.6 ) Depreciation & Amortization 27.3 — — (2.5 ) 24.8 Adjusted EBITDA $ 129.7 $ 9.0 $ 7.2 $ — $ 145.9 Expand Three Months Ended June 30, 2024 Net Income $ 73.0 $ 4.4 $ 0.0 $ (2.2 ) $ 75.4 Provision for Income Taxes 18.6 1.3 0.0 2.2 22.1 Other – net (3.0 ) — — — (3.0 ) Interest Expense 10.7 — — — 10.7 Interest Income (0.5 ) — — — (0.5 ) Depreciation & Amortization 21.6 — — — 21.6 Adjusted EBITDA $ 120.4 $ 5.8 $ 0.1 $ — $ 126.2 Expand Three Months Ended June 30, 2024 Government Operations $ 92.5 $ 0.3 $ 15.4 $ 108.2 Commercial Operations $ 16.6 $ 1.5 $ 4.4 $ 22.5 Unallocated Corporate $ (13.9 ) $ 4.0 $ 1.8 $ (4.5 ) Expand EXHIBIT 1 (continued) RECONCILIATION OF CONSOLIDATED FREE CASH FLOW (1)(2)(3) (In millions) Three Months Ended June 30, 2025 Net Cash Provided By Operating Activities $ 159.0 Purchases of Property, Plant and Equipment (32.7 ) Free Cash Flow $ 126.3 Expand Three Months Ended June 30, 2024 Net Cash Provided By Operating Activities $ 65.9 Purchases of Property, Plant and Equipment (30.4 ) Free Cash Flow $ 35.5 Expand (1) Tables may not foot due to rounding. (2) BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company's operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. (3) For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share. (4) Excludes acquisition-related amortization Expand BWX TECHNOLOGIES, INC. Three Months Ended June 30, Six Months Ended June 30, (Unaudited) (In thousands, except share and per share amounts) Costs and Expenses: Cost of operations 572,642 513,196 1,089,707 968,553 Research and development costs 4,565 1,271 6,578 2,761 (Gains) Losses on asset disposals and impairments, net 13 (4 ) (4,418 ) (4 ) Selling, general and administrative expenses 102,940 79,780 190,509 147,141 Total Costs and Expenses 680,160 594,243 1,282,376 1,118,451 Equity in Income of Investees 18,545 11,584 35,133 24,787 Operating Income 102,424 98,806 199,054 191,767 Other Income (Expense): Interest income 551 540 1,273 1,386 Interest expense (11,741 ) (10,688 ) (19,735 ) (20,283 ) Other – net 6,525 2,971 8,984 7,136 Total Other Income (Expense) (4,665 ) (7,177 ) (9,478 ) (11,761 ) Income before Provision for Income Taxes 97,759 91,629 189,576 180,006 Provision for Income Taxes 19,297 18,584 35,588 38,427 Net Income $ 78,462 $ 73,045 $ 153,988 $ 141,579 Net Income Attributable to Noncontrolling Interest (74 ) (73 ) (138 ) (139 ) Net Income Attributable to BWX Technologies, Inc. $ 78,388 $ 72,972 $ 153,850 $ 141,440 Earnings per Common Share: Basic: Net Income Attributable to BWX Technologies, Inc. $ 0.86 $ 0.80 $ 1.68 $ 1.54 Diluted: Shares used in the computation of earnings per share: Basic 91,542,967 91,564,263 91,568,526 91,559,824 Expand BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2025 2024 (Unaudited) (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 153,988 $ 141,579 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 51,171 42,160 Income of investees, net of dividends (2,700 ) (3,301 ) (Gains) Losses on asset disposals and impairments - net (4,418 ) (4 ) Recognition of losses for pension and postretirement plans 1,627 1,663 Stock-based compensation expense 13,735 10,279 Other, net (9,366 ) (28 ) Changes in assets and liabilities, net of effects from acquisitions: Accounts receivable (465 ) (20,319 ) Accounts payable 6,875 47,018 Retainages (7,045 ) 587 Contracts in progress and advance billings on contracts 7,754 (78,722 ) Income taxes 22,558 (6,741 ) Accrued and other current liabilities 19,382 (328 ) Pension liabilities, accrued postretirement benefit obligations and employee benefits (33,656 ) (23,625 ) Other, net (9,747 ) (11,298 ) NET CASH PROVIDED BY OPERATING ACTIVITIES 209,693 98,920 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment (66,098 ) (60,827 ) Acquisition of businesses, net of cash acquired (538,184 ) — Sales and maturities of securities 3,397 — Investments, net of return of capital, in equity method investees (33,000 ) — Other, net 4,405 203 NET CASH USED IN INVESTING ACTIVITIES (629,480 ) (60,624 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings of long-term debt 758,400 241,400 Repayments of long-term debt (284,650 ) (239,525 ) Repurchases of common stock (30,000 ) (20,000 ) Dividends paid to common shareholders (46,798 ) (44,373 ) Cash paid for shares withheld to satisfy employee taxes (12,883 ) (6,941 ) Settlements of forward contracts, net 1,657 4,543 Other, net 100 (108 ) NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 385,826 (65,004 ) EFFECTS OF EXCHANGE RATE CHANGES ON CASH (2,475 ) (308 ) (36,436 ) (27,016 ) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 80,571 81,615 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 44,135 $ 54,599 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 30,036 $ 32,181 Income taxes (net of refunds) $ 11,890 $ 45,382 SCHEDULE OF NON-CASH INVESTING ACTIVITY: Accrued capital expenditures included in accounts payable $ 15,575 $ 9,273 Expand BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS June 30, 2025 December 31, 2024 (Unaudited) (In thousands) Current Assets: Cash and cash equivalents $ 36,984 $ 74,109 Restricted cash and cash equivalents 3,049 2,785 Accounts receivable – trade, net 148,756 99,112 Accounts receivable – other 24,508 53,199 Retainages 40,712 33,667 Contracts in progress 639,601 577,745 Inventories 51,560 40,288 Other current assets 51,715 49,092 Total Current Assets 996,885 929,997 Property, Plant and Equipment, Net 1,537,771 1,278,161 Investments 7,572 10,609 Goodwill 512,602 287,362 Deferred Income Taxes 4,727 6,569 Investments in Unconsolidated Affiliates 175,635 99,403 Intangible Assets 324,533 165,325 Other Assets 139,347 92,498 TOTAL ASSETS $ 3,699,072 $ 2,869,924 Expand BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS LIABILITIES AND STOCKHOLDERS' EQUITY June 30, 2025 December 31, 2024 (Unaudited) (In thousands, except share and per share amounts) Current Liabilities: Current portion of long-term debt $ 12,500 $ 12,500 Accounts payable 191,500 158,077 Accrued employee benefits 83,274 77,234 Accrued liabilities – other 104,576 65,100 Advance billings on contracts 198,336 161,290 Total Current Liabilities 590,186 474,201 Long-Term Debt 1,519,728 1,042,970 Accumulated Postretirement Benefit Obligation 77,490 16,515 Environmental Liabilities 96,620 94,225 Pension Liability 108,215 82,602 Other Liabilities 122,927 79,007 Commitments and Contingencies Stockholders' Equity: Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 128,680,180 and 128,320,295 shares at June 30, 2025 and December 31, 2024, respectively 1,286 1,283 Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued — — Capital in excess of par value 243,068 228,889 Retained earnings 2,394,737 2,287,151 Treasury stock at cost, 37,281,441 and 36,869,498 shares at June 30, 2025 and December 31, 2024, respectively (1,431,542 ) (1,388,432 ) Accumulated other comprehensive income (loss) (23,385 ) (48,211 ) Stockholders' Equity – BWX Technologies, Inc. 1,184,164 1,080,680 Noncontrolling interest (258 ) (276 ) Total Stockholders' Equity 1,183,906 1,080,404 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,699,072 $ 2,869,924 Expand
Daily Express
25-07-2025
- Health
- Daily Express
Nearly 600 doctors appeal to leave Sabah, Sarawak postings
Published on: Friday, July 25, 2025 Published on: Fri, Jul 25, 2025 By: Bernama Text Size: For illustrative purposes only. KUALA LUMPUR: The Ministry of Health (MOH) is conducting maldistribution studies to scrutinise the placement of medical officers at health facilities nationwide, said its Deputy Minister Datuk Lukanisman Awang Sauni. For example, he said the MOH had offered 650 permanent positions in Sabah and Sarawak, but nearly 600 medical officers submitted appeal letters to be released from their postings in both states. "Only seven medical officers clicked on the permanent positions.. So, how can we help and uphold the rights of the people of Sabah, Sarawak and Labuan? Should we place all medical officers in the Klang Valley or urban areas only? "We must consider the human rights of all Malaysians appropriately. Nonetheless, we are working on ways to increase the number of permanent positions for deserving medical officers,' he said. He said this when winding up the debate on the motion for the Human Rights Commission of Malaysia (Suhakam) 2023 Annual Report and Financial Statement at the Dewan Rakyat here on Thursday. Meanwhile, Deputy Human Resources Minister Datuk Seri Abdul Rahman Mohamad said the Gig Workers Bill 2025, scheduled to be tabled during this sitting, specifically emphasises four main components - the definition of gig workers, income, dispute resolution mechanism and social security. He said the bill introduces a structured dispute resolution mechanism as an official channel for gig workers to present any issues or unfairness regarding their services, thus allowing the complaints to be addressed systematically. "The dispute resolution process can be done through several stages, namely through internal mechanisms, conciliation proceedings, and, if unresolved, it can be brought before the gig worker tribunal,' he said when winding up the debate on the report for the ministry. Deputy Transport Minister Datuk Hasbi Habibollah, meanwhile, said the ministry is ready to study the feasibility of regulating e-hailing fares based on the findings and recommendations of the Klang Valley Land Public Transport Strategic Plan (PSPALK), which is expected to be finalised at the end of this year. He also said that the Land Public Transport Agency (Apad) and Bank Negara Malaysia are carrying out a short-term one-off study with e-hailing licence holders, which will be completed in September, to identify daily insurance solutions or any form of insurance that is more flexible and affordable for drivers. "For p-hailing services, meanwhile, no specific insurance protection plan has been created for the segment, but the Transport Ministry is coordinating efforts with the General Insurance Association of Malaysia (Piam) and Bank Negara to draft and establish a special insurance protection code for p-hailing activities,' he said. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Biz Bahrain
18-03-2025
- Business
- Biz Bahrain
Khaleeji Bank's General Assembly Approves 5% Cash Dividend for Shareholders
Khaleeji Bank, one of the leading Islamic banks in the Kingdom of Bahrain, held its Annual Ordinary and Extraordinary General Meetings on Monday 17th March 2025 with a quorum of 86.59%. The meeting was chaired by Mr. Hisham Ahmed Al Rayes, Chairman of the Board, and attended by Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer, and several members of the Executive Management team, along with shareholders, representatives of the Shari'a Supervisory Board, external auditors, and regulatory authorities. The meeting commenced with the approval of the Minutes from the previous Ordinary General Meeting held on 25th March 2024. This was followed by discussions on the Board of Directors' Report regarding the bank's activities for the financial year ended 31st December 2024, which was subsequently approved. The Board also reviewed the Shari'a Supervisory Board's Report regarding the bank's operations, as well as the External Auditors' report on the bank's financial statements for the same period. After thorough discussions, the attendees approved the Financial Statements for the year ending 31st December 2024. The recommendations from the Board were endorsed to allocate BD 1,050,288 to the Statutory Reserve, BD 3,210,735 to Retained Earnings, and BD 827,593 for the Zakah Fund. Additionally, the proposal to distribute Cash Dividends at a rate of 5% of the nominal value per share—equivalent to 5 Fils per share, totalling BD 5,414,264—was also approved. Consequently, the last trading day for entitlement to the dividends will be 18th March 2025, with non-entitlement trading resuming on 19th March 2025. Shareholders whose names are registered as of 20th March 2025 will be eligible for the dividends, which will be distributed on 3rd April 2025. Furthermore, the meeting approved a proposal for a total remuneration of BD 114,050 to Board Members for the financial year ended 31st December 2024, following regulatory approval. The meeting has also ratified and approved all transactions with related parties conducted during the financial year ending 31st December 2024, as detailed in Financial Statement disclosure number (30) of the Consolidated Financial Statements, in accordance with Article (189) of the Bahrain Commercial Companies Law. Attendees have also discussed and approved the Corporate Governance Report for the financial year ending 31st December 2024, confirming the bank's compliance with the requirements of the Central Bank of Bahrain 'CBB'. Furthermore, the Board Members were discharged from any liability regarding their actions during the same financial year. The reappointment of external auditors for the year 2025 was also approved, along with authorisation for the Board to determine their remuneration, following the CBB's approval of the same. In light of the CBB approval dated 11th December 2024, attendees have approved the following appointments: a) Mr. Dawood Mohammed Al Ghul as a member of the bank's Board of Directors per paragraph (a) of Article (179) of the Bahrain Commercial Companies Law, with his term complementing that of his predecessor. b) Mr. Salah Abdullah Sharif as a member of the bank's Board of Directors according to Article (175) of the Bahrain Commercial Companies Law, with his term lasting throughout the current session of the board. Additionally, participants have endorsed the appointment of a liquidity provider at Bahrain Bourse 'BHB' following the necessary regulatory approvals, allowing the Board to determine said provider and the duration of their contract, along with other relevant details. Afterwards, the Extraordinary General Meeting convened, where the Minutes from the previous meeting held on 4th March 2024 were approved. The attendees have then agreed to the issuance of Tier 1 financial instruments (including, but not limited to, the Mudaraba Structure) and/or Sukuk (Additional Tier 1 Capital) totalling to a value not exceeding BD 100 million or its equivalent in other currencies, through one or multiple issues to enhance the bank's capital ratios in line with financial and strategic requirements, while delegating the Board of Directors to handle all necessary formalities regarding this issuance. On this occasion, Mr. Hisham Ahmed Al Rayes, Khaleeji's Chairman of the Board of Directors, stated 'We take pride in the bank's achievements during 2024, attaining positive results across all dimensions of our operations. This performance underlines our commitment to a sustainable profitability strategy that ensures the growth of our banking operations and provides greater returns to our esteemed shareholders and investors.' He further added 'The General Assembly's approval of a 5% cash dividend is a clear testament to our financial stability and capital efficiency. We look forward to continuing this positive trend in the future, achieving further milestones and successes.' For his part, Mr. Sattam Sulaiman Algosaibi, Khaleeji's Chief Executive Officer, stated 'The year 2024 has been exceptional for the bank as we continued our diligent efforts to build on our accomplishments, particularly the launch of our new identity which reflects our commitment to creativity and innovation. We have developed a new strategy that aligns with the evolving market needs, enabling us to serve our partners and clients more effectively while enhancing our competitiveness and growth capacity, thus fully harnessing our capabilities to remain a key driver of sustainable economic development in the Kingdom of Bahrain.' Elaborating further, Mr. Algosaibi said 'We are diligently working to expand the scope of our activities and enhance our role in commercial and investment flows, while consolidating our presence in the Bahraini market. We aim to achieve significant accomplishments that align with our strategic priorities, build on the successes we have achieved, and offer more high-quality and distinctive services and solutions that satisfy our clients and serve the interests of our partners and shareholders.' He concluded saying 'We remain focused on building a future-ready bank that adheres to the highest standards of practice and realises sustainable value for our shareholders over the long term. We seek to capitalise on new opportunities to serve our shareholders, clients, and employees, reinforcing Khaleeji Bank's position as a leading financial institution that supports our ambitious aspirations.' Khaleeji is a leading Islamic Bank that strives to achieve clients' ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari'a-complaint banking services and investment opportunities to individuals and companies.
Yahoo
11-03-2025
- Business
- Yahoo
Orion Group Financial Statement documents 2024 and Remuneration Report published
ORION CORPORATION STOCK EXCHANGE RELEASE – ANNUAL FINANCIAL REPORT11 MARCH 2025 at 11.15 EET Orion Group Financial Statement documents 2024 and Remuneration Report published Orion Group's Financial Statement documents for 2024 have been published. The documents are available in Finnish and English on the Company's website at and are attached to this release. Financial Statement documents include the company's Financial Statements, the Report by the Board of Directors, the Sustainability Statement (as part of the Report by the Board of Directors), and the Corporate Governance Statement (as part of the Report by the Board of Directors). The Financial Statements are published in accordance with the European Single Electronic Format (ESEF) reporting requirements as xHTML file. The primary statements and notes to the Consolidated financial statements have been labelled with XBRL tags. Authorised Public Accountants KPMG Oy Ab has provided an independent auditor's reasonable assurance report on Orion's ESEF Financial Statements in accordance with ISAE 3000 (revised). Orion's Sustainability Statement is prepared according to the European Sustainability Reporting Standards (ESRS) and the Finnish Accounting Act's Chapter 7 on sustainability reporting. Authorised Sustainability Audit Firm KPMG Oy Ab has assured the report at a limited assurance level in accordance with ISAE 3000 (revised). The official Financial Statement documents in accordance with the requirements of the Finnish Accounting Act and the Companies Act, which include the Financial Statements, the Report by the Board of Directors, the Sustainability Statement (as part of the Report by the Board of Directors), the Corporate Governance Statement (as part of the Report by the Board of Directors), the Auditor's Report, and the Assurance Report on the Sustainability Report are available in Finnish at Orion's Remuneration Report 2024 adopted by the Board of Directors has been published as a separate report in Finnish and English on the Company's website at and is attached to this release. Orion Corporation Liisa HurmePresident and CEO Olli HuotariEVP, Corporate Functions Contact person:Tuukka Hirvonen, Investor Relationstel. +358 10 426 2721 Publisher:Orion CorporationCommunicationsOrionintie 1A, FI-02200 Espoo, Orion is a globally operating Finnish pharmaceutical company – a builder of well-being for over a hundred years. We develop, manufacture and market human and veterinary pharmaceuticals and active pharmaceutical ingredients. Orion has an extensive portfolio of proprietary and generic medicines and consumer health products. The core therapy areas of our pharmaceutical R&D are oncology and pain. Proprietary products developed by Orion are used to treat cancer, neurological diseases and respiratory diseases, among others. Orion's net sales in 2024 amounted to EUR 1,542 million and the company had about 3,700 employees at the end of the year. Orion's A and B shares are listed on Nasdaq Helsinki. Attachments 74370029VAHCXDR7B745-2024-12-31-0-en Remuneration report 2024 Orion Financial Statement Documents 2024
