The Group has reported a net profit for the financial year ended on December 31st 2021 with a net profit of BD 715 Thousands for the group.

 

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions services held its Annual General and Extraordinary General Meeting earlier this week, held at Benefit Company’s head office in Seef District, Bahrain.

The Group has reported a net profit for the financial year ended on December 31st 2021 with a net profit of BD 715,497 for the group comparing to 1,434,096 in 2020.

In addition to the company’s financial performance, BENEFIT announced a massive increase of online payment transactions in 2021. Over 159 million payments were made through the Electronic Fund Transfer System (EFTS) increasing by 164% with the total value exceeding 20 billion Bahraini Dinars for the year 2021 in comparison to 16 billion Bahraini dinars in 2020, which is an increase of 26%

During 2021, BENEFIT’s main focus was on major announcements of new services which included the launch of the e-Cheque service, obtaining a license for trust services and e-signature from the TRA and the remittance service for BenefitPay customers.

During the meeting, BENEFIT held a discussion on the approval for the Corporate Governance report and compliance for the year ended 31st December 2021 per the requirements of the Central Bank of Bahrain and the Ministry of Industry, Commerce & Tourism. Furthermore, the annual meeting discussed the Appointment and election of ten Directors and one CBB Observer for the term of three years starting from February 2022- until March 2025.

 

Chairman of BENEFIT; Mr. Mohamed Ebrahim Albastaki stated, “I would like to welcome the new board members and express my appreciation to the previous members for their remarkable contribution. 2021 was a tremendous year for BENEFIT.  We became the first entity to operate MENA’s first national electronic cheque system, and also obtained a license for trust services and e-signature from the TRA. A big milestone also included the remittance service that provided a solution for a very important target segment in Bahrain.

He further added, “Not to mention, that after 24 years, we have revealed a new brand visual identity, serving as a testimony to BENEFIT’s energizing pulse across the community. Our commitment to the Kingdom and the MENA region was reflected through the several prestigious local and international awards we received last year. I would like to once again, thank the Central Bank of Bahrain, our shareholders, and esteemed partners; and financial institutions, for their support throughout our journey to ensure our success for the overall ecosystem. Most importantly, I would like to thank our team who has carried this vision forward a step further every year.

Chief Executive of BENEFIT;  Abdulwahed AlJanahi in his statement to shareholders, “In 2021, BENEFIT introduced several new solutions in partnership with several stakeholders and entities bringing forth a new era of payments to serve the major communities in the Kingdom. Our efforts have won BENEFIT several prominent local and international awards including the e-Government Excellence Award 2021 and the Best Smart Application Award 2021 and others. We will continue to build on this success and continue to provide innovative solutions demanded by our customers in diverse sectors. Our success is owed to our partners and stakeholders, alongside our team to further position Bahrain as a prime FinTech visionary in the MENA region.”

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