Manama, Bahrain: Beyon (Ticker: BATELCO), held its Annual General Meeting (AGM) for the twelve-months ended 31 December 2022 today. The meeting took place at the Beyon campus in Hamala, Bahrain, in the presence of Beyon’s Chairman, Board members, and executive management. Beyon’s external auditor, Jamal Fakhro, Managing Director of KPMG Fakhro, representatives from Bahrain Bourse and shareholders were also present.
The 43rd AGM saw shareholders approve the recommendation of the Board of Directors for a full year cash dividend of BD53.9M (US$143.0M), at a value of 32.5 fils per share, of which 13.5 fils per share was already paid during the third quarter of 2022 with the remaining 19.0 fils announced during the meeting to be paid in the coming weeks.
The meeting included the appointments and elections of Board Members for the next three-year term 2023-2026. Eight members have been appointed by the major shareholders, Shaikh Abdulla bin Khalifa Al Khalifa, Mr. Ahmad Mazhar, Mr. Daniel Ritz, and Mr. Saleh Romeih as representatives of Mumtalakat Holding Company. Mr. Khalid Taqi and Ms. Fatema Alarayedh as representatives of the Social Insurance Organization. Shaikh Ali bin Khalifa Al Khalifa, and Mr. Waleed bin Hindi as representatives of Amber Holdings. The meeting included the election of two members by the general assembly, Mr. Abdulla Bukhowa and Mr. Ahmed Abdulrahman.
Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa said, “I am pleased to welcome our new board members and look forward to working with them as we continue to shape a strong strategy for the growth and development of Beyon. I also offer my grateful thanks to the outgoing members of the board, for their valuable contribution over the past three years, during which our digital growth strategy made significant progress, culminating in the birth of Beyon at the end of 2022, a major leap in our digital transformation journey.”
“We announced strong performance for 2022 which ensured excellent dividends for Beyon’s shareholders with an increased payout of 32.5 fils per share up from 30.0 fils for 2021. Meeting shareholder expectations is a priority for the board, and we remain committed to deliver improved value year on year.”
Shaikh Abdulla concluded his remarks by extending his appreciation to the Board of Directors, executive management, and team members across the company for their efforts leading to the solid performance and many successes of 2022.
During the AGM, Beyon CEO Mikkel Vinter presented an overview of the 2022 accomplishments, highlighting the strong financial results and operational achievements.
“The company’s strong performance for 2022 was supported by solid revenues from Bahrain and across our international operations, and we are pleased to have achieved significant growth in consolidated net profit of 7% year on year.”
“We are proud of the good progress that the Beyon group of companies is making, both on the connectivity and digital growth front. Our digital companies are gaining solid market traction across the region, and we have bold plans in place to take our product portfolio to new geographies, while also exploring opportunities to enter new verticals,” Mr. Vinter said. “The past year was marked by many significant milestones in which all team members played a part, and their contribution is greatly appreciated. We look forward to building on these achievements to deliver another successful year ahead,” Mr. Vinter concluded.