BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions services held its Annual General Meeting on Tuesday, March 21st at the Company’s headquarters in Seef District, Bahrain.
BENEFIT has reported a net profit of BHD 1,790,314 for the fiscal year ended 31st December 2022 attributable to the equity shareholders of the Group, as compared to a net profit of BHD 715,497 for 2021. Total assets at 31st December 2022 amounted to BHD 28.7 million (31 December 2021: BHD 25.4 million).
In addition to the Company’s financial performance, BENEFIT witnessed accelerated growth of electronic payments due to the National Wallet (BenefitPay, reaching a total volume of 252.5 million in the year 2022, a 70.8% increase in volume compared to 2021.
Furthermore, the Electronic Fund Transfer System (EFTS) on all channels has witnessed substantial growth in 2022, with over 245 million Fawri+ transactions which is a 74% increase from 2021. More than 11 million Fawri transactions were made in 2022, with a growth rate of 14% compared to the year of 2021. Fawateer transactions have significantly grown in 2022, reaching almost 12 million transactions and representing a 31% growth rate with their total value exceeding 928.7 million Bahraini Dinars compared to 2021.
During the annual general meeting, BENEFIT held a discussion on the approval for the Corporate Governance report and compliance for the year ended 31st December 2022 per the requirements of the Central Bank of Bahrain and the Ministry of Industry and Commerce. Furthermore, the annual meeting addressed the appointment and election of two Executive Directors until the end of the Board’s term in March 2025, subject to the Central Bank of Bahrain’s approval.
Chairman of BENEFIT, Mr. Mohamed Ebrahim Albastaki stated, “The year 2022 has been quite remarkable for BENEFIT in terms of achieving several outstanding accomplishments, and I would like to thank our board members for their relentless efforts, our dedicated team, partners, stakeholders, and our users for investing in BENEFIT’s vision. The company successfully implemented its commitments to our clients and shareholders, as well as made phenomenal advances toward our strategic ambitions by broadening our innovative technology initiatives, establishing a cashless payment ecosystem, and maintaining the Kingdom as the region’s financial hub.”
Chief Executive of BENEFIT; Abdulwahed AlJanahi commented, “The year 2022 presented BENEFIT with a multitude of opportunities to implement several initiatives in collaboration with various stakeholders and institutions, ushering the beginning of an enhanced, innovative payments’ ecosystem to benefit the Kingdom’s society. We not only met our financial objectives, but we also laid the groundwork for our Company’s future success. The year witnessed an increase in new successes and partnerships for BENEFIT, allowing us to further strengthen the Company’s sustainability. Among these are our cross-border payments initiative, our participation in several key regional and international events, and strategic initiatives that play a critical role in fostering and advancing GCC economies as a whole, as well as BENEFIT’s commitment to advancing the digitization of Bahrain’s payment infrastructure.”
“Our success is largely due to our partners and stakeholders, as well as our staff, who have paved the way for Bahrain as a leading FinTech pioneer in the MENA region,” He added.
It is worth noting that The Benefit Company has launched its strategy 2022-2024, which focuses on Payment Infrastructure, Enabling Access to Credit, Support Digitalization, and Internationalization with multiple innovative initiatives as part of the strategy roadmap.