Benefit to pay 25pc dividend
Manama, April 10, 2008
The Benefit Company has agreed to pay shareholders a dividend of 25 per cent of its share capital at its annual meeting yesterday.
This payout, totalling BD200,000 ($530,546) is the first dividend the Bahrain-based electronic network financial transaction company has paid in its 10-year history.
'In the past we have concentrated on creating added value to the business rather than paying dividends but we have now reached a position where we are making money and can pass this on to our shareholders,' said general manager Abdulwahid Janahi.
Operating income for last year increased to BD802,292 as compared to BD722,376 in 2006, an increase of 11 per cent.
The net income has also increased to BD911,463 last year as compared to BD794,053 in 2006, an increase of 15 per cent.
'We shall continue to remain committed towards providing our shareholders and particularly the customers with leading solutions and services, and the company remains confident that its proven business strategy will enable us to generate positive and profitable results plus a long term growth,' said Janahi.
'The company has also started an Internet banking platform for banks. This will enable the banks to introduce the service to their clients without a need for high investment. This should and will reflect positively on the banks' customers.
'The Credit Reference Bureau has also established new services which will be added to the current solution like Corporate Credit Bureau, Bureau Scorecard, Risk Status Alert and online MIS reporting. These services should be launched by end of the second quarter of this year.'
'The company has also has decided to introduce the ATM Driving and card personalisation and management as an outsourcing business through an alliance with a similar company in the Gulf region,' he added.
'This will enhance the company's capabilities and yet expand regionally for more opportunities in order to stay competitive and bring value to the shareholders.
'In addition, the company is looking at a number of opportunities to link with other International Switches, particularly in India and the Far East.
'We will also continue in developing our human resources which is certainly one of the major success factors of the company.'-TradeArabia News Service