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Daily Tribune
08-05-2025
- Business
- Daily Tribune
MPs urged to reject 2023 unemployment fund accounts
Parliament's Financial and Economic Affairs Committee has called on MPs to reject the audited 2023 accounts of Bahrain's unemployment insurance fund, with a vote scheduled for today, after net assets fell by BD124 million due to a state transfer and rising benefit costs. The recommendation follows a four-month review by the committee, which advised against adopting the financial statements approved by the board of the Social Insurance Organisation. The fund's reserves dropped from BD587.6 million in 2022 to BD463.2 million in 2023. The fall was driven by a BD200 million government-authorised transfer intended to support employment and wage programmes. BD67.67 million was drawn during the year, with the rest recorded as liabilities to be used later. The committee warned that if such withdrawals continue without clear legal safeguards, the fund's long-term stability could be placed at risk. It called for firmer rules to govern transfers and more regular assessments of the fund's ability to meet its obligations. Although the fund closed the year with a surplus as contributions exceeded payouts by BD54.4 million, the committee raised concern over the direction of travel. Benefit payments rose by nearly 12 per cent while contributions rose by only 8.3 per cent. If that pattern continues, it said, the surplus may not hold. The audit, conducted by KPMG Fakhro and endorsed by the Social Insurance Organisation's board, found the statements to comply with international standards. Still, the committee said the numbers did not fully reflect longer-term pressures.
Daily Tribune
27-03-2025
- Business
- Daily Tribune
Beyon AGM approves BD53.9M cash dividend
Beyon held its Annual General Meeting (AGM) yesterday for the twelvemonths which ended on 31 December 2024 at the Beyon campus in Hamala, Bahrain. The meeting was attended by Beyon's Chairman, board members, executive management and Beyon's external auditor, KPMG Fakhro. Representatives from Central Bank of Bahrain, the Ministry of Industry & Commerce, Bahrain Bourse and shareholders were also present. Shareholders approved the recommendation of the Board of Directors for a full year cash dividend of BD53.9M (US$143.0M), which includes a dividend of 32.5 fils per share. The 2024 interim dividend of 13.5 fils per share was already paid during the second quarter of 2024 with the remaining dividend of 19.0 fils announced during the meeting to be paid on 21 April 2025. Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa commented, 'Beyon's solid performance in 2024 reflects our commitment to delivering value to our shareholders. Our results highlight the success of our digital transformation journey and our commitment to implementing our strategic growth plans, which enable us to generate positive returns on shareholder investment, in line with expectations.' Concluding his remarks, Shaikh Abdulla expressed his gratitude to the shareholders, Board of Directors, executive management, and all team members for their invaluable contributions toward Beyon's success in 2024. During the AGM, Beyon CEO, Andrew Kvaalseth, presented an overview of the key achievements accomplished throughout 2024, highlighting the solid financial performance and operational milestones. The CEO also outlined ambitious strategic growth plans for 2025 with a focus on the development of the company's core business segments in telecommunications, connectivity and digital growth. 'We ended 2024 with strong momentum across the business, delivering growth in our core telecom operations and significant gains across our digital ventures,' said Mr. Kvaalseth. 'Our digital companies are scaling rapidly and establishing meaningful market presence across the region.' Adding, 'Looking ahead, our plans include doubling down on innovation, intelligent digital infrastructure and customer-centric solutions that support consumer experiences in an increasingly connected world.''The success of the past year was made possible by the collective efforts of our global teams, and we look forward to building on this success with their support, to ensure another year of growth and significant accomplishments,' Mr. Kvaalseth concluded.
Zawya
27-03-2025
- Business
- Zawya
Beyon's shareholders to get $143mln dividend
Bahrain - Beyon shareholders have approved the recommendation of the board of directors for a full year cash dividend of BD53.9 million ($143m) for the 12 months ended December 31, 2024, which includes a dividend of 32.5 fils per share. The 2024 interim dividend of 13.5 fils per share was already paid during the second quarter of 2024 with the remaining dividend of 19 fils announced during the meeting to be paid on April 21, 2025. The announcement follows the annual general meeting (AGM) yesterday for the 12 months ended December 31, 2024 at the Beyon campus in Hamala, Bahrain. The meeting was attended by Beyon chairman, board members, executive management and Beyon's external auditor, KPMG Fakhro. Representatives from Central Bank of Bahrain, the Industry and Commerce Ministry, Bahrain Bourse and shareholders were also present. Beyon chairman Shaikh Abdulla bin Khalifa Al Khalifa commented: 'Beyon's solid performance in 2024 reflects our commitment to delivering value to our shareholders. Our results highlight the success of our digital transformation journey and our commitment to implementing our strategic growth plans, which enable us to generate positive returns on shareholder investment, in line with expectations.' Concluding his remarks, Shaikh Abdulla expressed his gratitude to the shareholders, board of directors, executive management, and all team members for their invaluable contributions towards Beyon's success in 2024. During the AGM, Beyon chief executive Andrew Kvaalseth presented an overview of the key achievements accomplished throughout 2024, highlighting the solid financial performance and operational milestones. The chief executive also outlined ambitious strategic growth plans for 2025 with a focus on the development of the company's core business segments in telecommunications, connectivity and digital growth. 'We ended 2024 with strong momentum across the business, delivering growth in our core telecom operations and significant gains across our digital ventures,' said Mr Kvaalseth. 'Our digital companies are scaling rapidly and establishing meaningful market presence across the region.' He added: 'Looking ahead, our plans include doubling down on innovation, intelligent digital infrastructure and customer-centric solutions that support consumer experiences in an increasingly connected world.' 'The success of the past year was made possible by the collective efforts of our global teams, and we look forward to building on this success with their support, to ensure another year of growth and significant accomplishments,' Mr Kvaalseth said. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
