Manama: BENEFIT, the Kingdom's leading fintech and electronic financial transactions service provider, recently held its Annual General Meeting (AGM) where shareholders approved all items on the agenda, including a 10% cash dividend on paid-up share capital. According to Bahrain News Agency, the AGM ratified the minutes from the previous meeting held on 26 March 2024 and approved the Board's Annual Report on the company's activities and financial performance for the year ending 31 December 2024. Shareholders expressed satisfaction with the operational and financial results during the reporting period. The Independent External Auditor's Report on the consolidated financial statements was reviewed and approved, along with the audited financial statements for the fiscal year. Shareholders endorsed the allocation of BD 172,500 as remuneration to the Board members for the year ending 31 December 2024, subject to clearance from related authorities. The extension of the Board's current composition, which includes ten members and one Central Bank of Bahrain (CBB) observer, was approved for a further six-month term until September 2025, pending no objections from the CBB. The Corporate Governance Report for 2024 was also approved, affirming the company's compliance with CBB directives and other regulatory frameworks. The AGM absolved the Board Members of liability for their actions during the year ending 31 December 2024, as per the Commercial Companies Law. Ernst and Young (EY) were reappointed as the company's External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries, Sinnad and Bahrain FinTech Bay. The Board was authorized to determine the auditors' professional fees, subject to CBB approval. Mohamed Al Bastaki, Chairman of BENEFIT, highlighted the company's financial success in 2024, noting a 19% growth rate, BD 17 million in revenue (US$ 45.3 million), and a net profit of BD 2 million (US$ 5.3 million). Al Bastaki announced a new three-year strategic roadmap set to commence in 2025, focusing on international expansion, internal operations optimization, revenue diversification, sustainability initiatives, and digital transformation. Abdulwahed AlJanahi, Chief Executive of BENEFIT, described 2024 as a pivotal year in the company's evolution, with significant progress in advancing digital strategies and reinforcing Bahrain's financial services and payments landscape. BENEFIT's efforts have facilitated the adoption of emerging technologies, enhancing Bahrain's position as a fintech hub. Key developments included the implementation of central authentication for open banking via BENEFIT Pay. AlJanahi emphasized the company's commitment to establishing a resilient electronic payment infrastructure to support Bahrain's digital economy and thanked the Board, staff, Central Bank of Bahrain, member banks, and shareholders for their contributions and confidence in the company's vision.
Menu