Batelco (Ticker: BATELCO), held it’s Annual General Meeting (AGM) for the twelve-months ended 31 December 2020 today, followed by an Extraordinary General Meeting to approve changes in the Memorandum and Articles of Association.

An interactive virtual AGM was streamed live from Batelco’s Hamala Headquarters with Batelco Chairman, Batelco CEO and Batelco CFO in attendance, to present the financial and operational achievements to shareholders and respond to any questions. Jamal Fakhro, Managing Director of KPMG Fakhro attended the meeting in Hamala as Batelco’s external auditor, while representatives from Bahrain Bourse joined the meeting virtually.

The 41st AGM saw shareholders approve the recommendation of the Board of Directors for a full year cash dividend of BD49.8M (US$132.1M), at a value of 30.0 fils per share, of which 13.5 fils per share was already paid during the third quarter of 2020 with the remaining 16.5 fils announced during the meeting to be paid in the coming weeks.

Batelco Chairman Shaikh Abdulla bin Khalifa Al Khalifa said, “We were delighted to announce strong financial performance for Batelco during 2020, which in turn contributed to good dividends for shareholders. Delivering value for our shareholders remained central in 2020 and we are proud to announce increased EPS for the year.”

“Batelco swiftly adapted to the unprecedented circumstances of 2020 to achieve the strategic objectives of the core strategy, which include a focus on cost containment, resulting in 10% YoY decrease in operating costs, and contributing to a 10% increase in net profits over 2019. Operating Profits and EBITDA have also witnessed an increase of 7% and 9% respectively, year on year.”

“We were delighted to see that Batelco’s share price reached its highest level since 2011 during 2020, outperforming the Bahrain Bourse index by 55% and remains strong, reflecting the Company’s solid performance as well as the trust of investors in Batelco.”

The Chairman concluded his remarks by saying, “I extend appreciation to the Board members for their strong commitment during 2020 and also praise the executive management team and staff for their efforts leading to strong financial and operational performance.”

“I am also grateful to our shareholders for putting their trust in Batelco’s direction and vision, and going forward it remains a priority for us to achieve the best returns for them,” Shaikh Abdulla concluded.

Batelco CEO Mikkel Vinter said, “We maintained our investment in forefront technology, digital services and connectivity and are pleased with the progress made. We achieved key milestones such as being the first in Bahrain with national 5G coverage reaching 95% of the nation’s population. Another milestone was the launch of the largest certified enterprise Data Center in Bahrain, with both achievements contributing to the growth of the Kingdom’s digital economy.”

“Going forward, we will stay focused on our vision and strategic plans and deliver on our commitment to the Board, in line with shareholders’ expectations,” he concluded.