Manama, Mar. 25 (BNA): Shareholders of Gulf Hotels Group approved the distribution of 25% of the company’s capital as dividends for the financial year ended December 31, 2024, during the Annual General Meeting (AGM).

The dividend, amounting to 25 fils per share, reflects the Group’s strong financial performance as a leading hospitality group in the Kingdom. The AGM and Extraordinary General Meeting (EGM) for the financial year were held at Awal Ballroom, Gulf Hotel Bahrain, under the supervision of representatives from Bahrain Clear.

The meeting was chaired by Fawzi Kanoo, Chairman of the Board, and attended by members of the Board of Directors, executive management, and representatives from the Ministry of Commerce, the Central Bank of Bahrain, Bahrain Bourse, and the Group’s auditors, Ernst & Young.

The Board’s recommendation was based on the Group’s strong financial results for the year, with total revenue reaching BD 36.7 million, an 11% increase compared to the previous year, and a net profit of BD 8.9 million, representing a 31% rise from the prior year.

Fawzi Kanoo welcomed all shareholders, proxies, Bahrain Clear representatives, and attendees. Shareholders approved the Board of Directors’ report, the auditors’ report, the balance sheet, the profit and loss accounts for 2024, and the corporate governance report. They also discharged the Board of Directors for the same period and approved the appointment of the Group’s auditors for the new financial year, authorising the Board to set their fees.

Shareholders further approved the repurchase of treasury shares of up to 10% of the issued and paid-up capital, aimed at supporting share price stability and enhancing shareholder value. They also approved the appointment of a liquidity provider to support share trading activities for up to 3% of the issued and paid-up capital, in line with applicable laws and regulations.

The EGM was convened immediately following the AGM, during which shareholders ratified updates to the company’s commercial activities and approved related amendments to the Memorandum and Articles of Association, pending the necessary regulatory approvals.

Fawzi Kanoo commented on the annual financial results, stating: “We are proud to have achieved this strong financial performance for the year ending December 31 2024, which reflects our operational efficiency and the success of our strategic initiatives in expanding the Group’s portfolio. These results reaffirm our commitment to sustainable growth and long-term value creation for our shareholders.”

Ahmed Janahi, Group Chief Executive Officer, added: “The Group delivered exceptional financial results in 2024, reporting strong growth in revenue and net profit. We remain confident in our ability to maintain sustainable growth and enhance shareholder value. As we move forward, we will continue to build on this momentum to drive further growth and solidify our position as a leading hospitality group, continuing to achieve more success and milestones.”

A.S.