Industry, Logistics & Shipping

Bahrain's Amakin approves $1.74m cash dividends for 2022

Bahrain Car Parks Company’s (Amakin) Annual General Meeting has approved the distribution of cash dividends to shareholders at the rate of 6% of the paid-up capital, equivalent to BD655,816 ($1.74 million) for 2022. 
Amakin highlighted that the year 2022 is an extension of its effort to enhance Bahrain's parking ecosystem and ultimately establish the kingdom among the top in the regional parking landscape. Throughout the year, the firm fulfilled its promise, delivering excellent outcomes in a wide range of disciplines, with a net profit increase of 4% while increasing revenue by 15% from the previous year.
Amakin Chairman Amin Alarrayed commented: “Looking ahead into 2023, we see it as a critical time for reflection and transformation as we strive for improved value recognition for our shareholders and emphasise capitalising on today's market momentum.”
Key player
Amakin Chief Executive Officer Tariq Ali Aljowder, said: “Amakin aims to be a key player in transforming the future of parking solutions, and we can confidently report that with our strong financial performance in 2022, we have achieved exactly that. Throughout the years, our key alliances have been a direct evolution based on our dedication to delivering sought-after smooth parking experiences.” 
Meanwhile, approval was also granted to the Board of Directors' proposal for total remuneration of BD52,500 for the year ended December 31, 2022. 
Throughout the year, the company delivered outstanding operational and financial results to its stakeholders, bolstered by key investments made in past few years, creating avenues for business growth, long-term collaborations, and revolutionising the parking ecosystem through seamless, innovative, and user-friendly solutions.
Amakin has reached a number of milestones in 2022, cementing its position as the region's leading mobility integrator. This includes the introduction of Apple Pay for iPhone users to facilitate seamless and secure contactless payments in a number of sites we own and operate. Such key partnerships have empowered the company to transform parking into a valuable experience that promotes seamless connectivity for all, therefore reaffirming the sector's faith in Amakin.-- TradeArabia News Service