Bahrain Ship Repairing and Engineering Company (Basrec) board of directors recommended the distribution of cash dividend of 50 per cent of the capital. This was announced at its annual general meeting (AGM) yesterday. Basrec made a net profit of BD2,959,544 in 2017 compared with BD1,913,107 in 2016. Deputy chairman Khalid Mohammed Kanoo said that international marine industries saw unprecedented contraction which had negative impact on all sectors of the industry.
Despite the difficult period that the ship repair sector has gone through, the performance of the company was record-high in 2017, which is a testimony to the soundness of the company’s strategy and the efficiency of its staff. The revenues were BD8,312,693 representing an increase of 24pc of the comparative figure for 2016.
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