Ali Al-Awadhi, the Vice Chairman and CEO of the Securities Group, confirmed that the profits for the financial year ended 31 March 2023 amounted to KWD 4.037 million. This translates to a profit of 20.19 fils per share, compared to the previous financial year's profits of KWD 1.953 million, with a profit of 9.77 fils per share.

In terms of revenues, the company recorded KWD 7.145 million for the financial year ended 31 March 2023, marking a significant increase of 56.8% compared to the previous year's total of KWD 4.557 million.

Al-Awadhi further stated during the AGM that the company's operating income derives from various sources. This includes profits from investment operations amounting to KWD 2.035 million, management, consulting, and commission fees totaling KWD 2.050 million, interest revenues of KWD 666,000, rental revenues of KWD 786,000, and a profit of KWD 1.310 million from the sale of investment properties.

He explained that the operating expenses, which included administrative and general expenses, interest expenses, marketing expenses, and a provision for a decrease in the value of an investment in an associate company, in addition to foreign currency translation losses for the financial year ended 31 March 2023, stood at KWD 3.013 million. In the previous financial year ended 31 March 2022, the expenses amounted to approximately KWD 2.459 million, indicating an increase of 18.2% or KWD 463,778.

Regarding shareholders' rights, he mentioned that the total equity held by the parent company's shareholders reached KWD 56.228 million, compared to KWD 54.854 million in the previous financial year ended 31 March 2022. This indicates a 2.5% increase. He highlighted that the primary factor contributing to the growth in shareholders' equity is the rise in interim profits, which increased from KWD 8.483 million as of March 31, 2022, to KWD 12.118 million as of March 31, 2023. This represents a net increase of KWD 3.634 million.

This occurred during the company's general assembly, which had an attendance rate of 86.753%. In the assembly, all agenda items were approved, including the distribution of cash dividend amounting to 10% of the issued and fully paid capital at a rate of 10 fils per share. The total amount for the financial year ended 31 March of the previous year is KWD 2 million.

Furthermore, the AGM also approved the Board of Directors’ recommendation to pay renumerations to board members for an aggregate amount of KWD 25,000, i.e., KWD 5,000 per member. Additionally, the Board of Directors was granted authority to buy or sell up to 10% of the company’s shares. These actions are in accordance with the provisions of Law No. 7 of 2010, its executive regulations, and subsequent amendments.

With regard to the direction of the company's future plan, Al-Awadhi said: “The company's strategy to diversify its investments and distribute its assets qualitatively and geographically, and its policy of setting aside the necessary financial allocations, had a clear impact on the strength of its financial position and its ability to continue distributing cash dividends to its shareholders even in the most difficult circumstances. Income-generating assets, where the income of these assets is the main basis for the company's operations and a source of dividends. One of the main directions of the management is seeking to exit some of the company's investments, whether at home or abroad, and entering new emerging markets”.