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Bahrain Car Parks Company approves 5pc cash dividends

March 27, 2021
real estate

Bahrain Car Parks Company, a specialist in parking management and property leasing, said it has won shareholder approval for distribution of cash dividends at 5 per cent of paid-up capital, equivalent to BD546,513 ($1.44 million) at 5 fils per share.

The company had reported a net profit of BD658,292 for 2020, down 26% compared to 2019. The drop was predominantly due to the Covid-19 impact on the company’s operations. The operating income too fell to BD1.64 million in 2020 compared to BD1.66 million in the previous year; resulting in a net profit ratio of 34%.

The announcement was made at today's (March 24) Annual General Meeting held via video conferencing using Bahrain Clear’s virtual meeting platform, where the company endorded the 2020 financial results and also discussed its future outlook.

Established in October 1981, Bahrain Car Park Company is a public company that has been listed on the Bahrain Bourse since March 2006. It operates in the commercial and professional services sector and specialises in the construction, development and management of parking lots.

The positive results achieved indicate the company’s flexibility and ability to adapt in the face of adversity, said the company in a statement.

In 2020, the board had approved an ambitious five-year strategy to drive the economic growth.

The strategy is focused on transforming the company's services by leveraging its assets and turning its regular parking buildings into mobility hubs through adopting advanced technologies. Providing smart solutions to overcome challenges that the public and private sector are facing is one of the company’s goals for the year,. said its top official.

'We were able to maintain profitability in 2020 which allowed us to pay dividends to our shareholders despite the turbulent times,' remarked its Chairman Amin Alarrayed.

'Our outlook for 2021 is positive and vigilant as we work diligently to execute our strategy which aims to position the company as the leading and preferred integrated parking solutions and mobility partner in Bahrain and the GCC through providing customer journey solutions to public and private entities using innovative world class technologies,' stated Alarrayed.

A number of significant announcements will be made soon, specifically in regard to technological improvements at our facilities, he added.

CEO Tariq Aljowder, said: 'Despite the unprecedented global challenges, we managed to achieve positive results which would not have been possible without the company’s flexibility and ability to adapt. The executive management received endless support from the board, as it has laid out an ambitious strategic plan, and communicated a clear and precise vision for the future to the company’s team members.'

'By the end of the first quarter, we are aiming to activate a contactless payment system at one of our strategic locations, and with the collaboration of our financial partners, we are planning to roll this out and introduce additional services across the rest of our owned and managed locations,' he added.