The board of directors recommended cash dividends of BD36million for the full year, equivalent to 25 fils per share, marking ongoing ability to deliver value to shareholders; and 10% bonus share issue, awarding one extra share for every 10 shares currently held by the Company’s shareholders.
“For 2012, Batelco Group continued to deliver sound financial results in line with the guidance provided and expectations for the year. As was noted in previous quarters, beyond aggressive competition in the Bahrain market and elsewhere in the region, our results for 2012 were also impacted by a number of one off charges including expenses associated with an extensive restructuring and cost rationalization programme at our Bahrain operations, the benefits of which include BD20M in annual savings starting 2014, which will help us to further strengthen our performance and financial results as we go forward. That said despite the decline in revenue and income year over year, our profits remained healthy as did our ability to deliver adequate returns to shareholders,” Batelco Group Chairman, Shaikh Hamad Bin Abdulla Al Khalifa, said.
“For 2012, we are pleased to announce the Board’s recommendation to the General Assembly for a sound shareholder dividend. Our strategy and ongoing efforts to achieve operational excellence and growth continue and ensures the Group provides shareholders with some of the highest dividend yields in our industry region wide.”
“The actions we’ve taken over the past year, both in streamlining our operations and planning for further growth will also ensure this continues well into the future. Towards this end, we were delighted to have announced in December 2012 our intention to make a transformative acquisition. With the addition of CWC’s Monaco and Islands Businesses, Batelco Group is poised to emerge as a regional company of international reference with an innovative portfolio of services and a more diversified revenue stream. We are confident that combined with our continued organic growth, this acquisition, which will be accretive from the outset, will help to even further bolster profitability and our ability to deliver value for shareholders,” Shaikh Hamad added.
“Our growth strategy and the further development of the Group are a reflection of the strong leadership by our executive teams, supported by tremendous efforts by our employees across all markets to retain our customers’ loyalties and improve the way we develop and deliver services. The continuous focus by all our people on improving the way we serve our customers coupled with financial discipline, will enable us to pursue growth and meet our long term objectives,” Shaikh Hamad, said.