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SICO Concludes Annual General Meeting via Teleconferencing; Approves 5% Cash Dividend

March 25, 2021
telecom

SICO BSC (c), a leading regional asset manager, broker, market maker and investment bank (licensed as a
wholesale bank by the CBB), announced today that it concluded on 23 March 2021 its Annual General
Meeting (AGM) after establishing 100 percent quorum . During the meeting the shareholders approved the
items in the AGM agenda including the Board of Directors’ proposed distribution of BD 2.142 million in cash
dividends for the financial year ended 31 December 2020 (5% of the nominal share value), representing 5
Bahraini fils per share. Shareholders also approved the transfer of BD 296 thousand to the statutory reserve,
BD 40 thousand to charitable donations (Corporate Social Responsibility) and the remaining sum of BD 481
thousand to the retained earnings account.

Shareholders also reviewed the Board of Directors’ report on the bank’s activities along with the external
auditor’s report on consolidated financial statements for the year ended 31 December 2020. The Chairman
commended the bank’s 2020 performance, particularly SICO’s resilience and adaptability during these
unprecedented times.

SICO recorded a consolidated net profit of BD 3.0 million for the full year 2020, a decrease of 51% from the
BD 6.0 million recorded at year-end 2019. SICO’s total comprehensive income for 2020 came in at BD 2.9
million, a decrease of 57% from the BD 6.8 million posted at year-end 2019. The bank’s financial
performance in 2020 was impacted by the COVID-19 pandemic-related economic shock and the extreme
volatility resulting from oil prices fluctuations and their impact on the market valuation of regional securities.
Total assets under management (AUMs) stood at BD 877.9 million (USD 2.3 billion) as of 31 December
2020, increasing by 9% from the BD 808.7 million (USD 2.1 billion) recorded at year-end 2019, while total
shareholders’ equity after appropriation of the statutory reserve stood at BD 58.3 million at year end. SICO
also achieved a robust consolidated capital adequacy ratio of more than 50%.

SICO’s Chairman, Shaikh Abdulla Bin Khalifa Al Khalifa thanked the Ministry of Industry, Commerce and
Tourism, the Central Bank of Bahrain, and the Bahrain Bourse for the support and assistance they have
offered the bank since its establishment. They also extended their gratitude to all regulatory parties in the
countries where SICO operates; the bank’s shareholders and clients for their continuous support; and
SICO’s employees for their hard work, dedication, and loyalty, which form the foundation of the bank’s
achievements.

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