Bahrain National Holding, the parent company of Bahrain National Insurance and Bahrain National Life Assurance, is upbeat to enter the UAE and Qatari markets this year enhancing the scope of business for the company, a top official at the company said.
“We are in the final phases of establishing a company in Abu Dhabi with major shareholding from the UAE and also the company is positive to get nod from the Qatari authorities to open a branch in Doha,” Mahmood Al Soufi, Chief Executive at BNH told reporters on the sidelines of the Company’s AGM held on Tuesday.
BNH held its annual ordinary general assembly of shareholders at the BNH Tower in the Seef District. Chairman of the Group, Farouk Almoayyed, led the meeting and attended by Group’s shareholders, key government bodies’ representatives and media reporters.
The Group registered a net profit of BD 3.814 million ($10.1 million) for the financial year ended in December 2010; resulting in a 5% increase in the Group’s net assets totaled BD 42.157 million ($ 112 million). The result represents a 9% average return on shareholders’ equity which totaled BD 42.2 million ($ 111.9 million.
In light of the Group’s positive performance and rewarding results, the shareholders approved the year’s results and the Board’s recommendation of distributing 20% cash dividend paid at 20 fils per share for 2010 to shareholders from the Company’s earnings.
“The proactive approach the Group implemented previously has manifested itself in the positive financials achieved for this year. We strongly believe in our experienced team and effective strategies and are confident to say that today we are well positioned to sustain our growth organically, regionally and internationally,” said Farouk Almoayyed, the Chairman of the Group.
“Maintaining our focused and prudent risk management practices are key attributes towards achieving this year’s rewarding results; we have strengthened our balance sheet, maintained profitability and protected our market share. We look forward to achieving our strategic business goals and meeting the challenges that lie ahead,” added Al Soufi.
He also ruled out any possible spillover impact of unfolding political events in the Mena and earthquake in Japan on the company’s business.