Bahrain Parking Company (Places), listed on the Bahrain Stock Exchange under the CPARK code), held the annual ordinary general assembly meeting in the meeting hall on the Bahrain Stock Exchange in Bahrain Financial Port with a legal quorum of 96.77%, headed by Mr. Amin Ahmed Al -Areed, Chairman of the Board of Directors of the company.
During the meeting, a social minutes of the regular general assembly that were held on March 27, 2024 were discussed, in addition to the financial statements of a company for the fiscal year ending on December 31, 2024. The distribution of cash dividends for shareholders (with the exception of treasury shares) was approved by 9% of the paid -up capital, equivalent to 983,724 Bahraini dinars with a value of 9 fils per share, for the fiscal year ending on December 31 2024. This is in addition to approval of the Board of Directors’ rewards to pay a total amount of 63,000 Bahraini dinars for the year ending on December 31, 2024.
During the meeting, the association also elected three new members of the Board of Directors for the period 2025-2028: Mr. Badr Hassan Kiksu, Mr. Mohamed Rashid Al-Maraj, and Mr. Salah Youssef Salah El-Din.
The company confirmed that the year 2024 was an extension of the tireless efforts made by the company to enhance the integrated car parking system in Bahrain, and to enhance the Kingdom’s position within the best destination in car park plans in the region. During the year, the company was able to fulfill its pledges, achieving distinguished results in many fields, and bypassing the actual net profit by 4%, with revenues increasing by 15% compared to last year.
During the year, a company has succeeded in achieving concrete operational and financial results for all parties with interest, strengthened by important investments over the past few years, and paved the way for achieving growth for its business, and strengthening the long -term cooperation relations, as well as creating a wide qualitative shift in car parking systems through smooth, innovative and easy -to -use solutions.
In this regard, Mr. Amin Al -Areed, Chairman of the Bahrain Parking Company (Places), expressed his deep gratitude to the work team, which made exceptional efforts to achieve the company’s vision, as he thanked the valued customers for their confidence, and to the members of the board of directors for their valuable contributions during the past years, which strengthened the position of “places” and made it lead the headlines of newspapers on many occasions, thanks to the qualitative shift of the company through Expanding sites, launching innovative solutions, facilitating access, achieving remarkable financial success, and enhancing operational efficiency.
Al-Areedh stressed that these achievements are the culmination of the efforts of the Board of Directors during its last session (2022-2024), as the company has witnessed a remarkable growth in the development of business and operations since 2022. The total number of parking lots increased from 3,490 parking lots in 2021 to 9,304 parking lots, recording an increase of 166.59%. The net profit also witnessed a growth of 48%, up from 775,778 Bahraini dinars in 2021 to 1,146,831 Bahraini dinars in 2024, while operating profit increased by 66%, from 707,749 Bahraini dinars to 1,173,030 Bahraini dinars. Also, the number of projects under management increased from 5 projects to only 16, with car row services expanded from one location in 2022 to five main sites in 2024.
In the context of the digital transformation, the Chairman of the Board of Directors said: “The company launched the electronic payment portal to serve the positions of the Terminal Building, in cooperation with the Banft Company and the Shaid & Bakhanman Middle East, which is affiliated with the Shaid & Bakhanman International Group, the leader in smart parking solutions. Smart car parking in the Middle East, which facilitates the experience of users and makes them more flexible and efficient, and the company also strengthened its digital structure by launching an electronic portal for subscriptions and paying the monthly membership fees, in addition to developing innovative payment solutions through multiple digital platforms. During the application, which ensures a more efficient experience and saves time and effort. ” These achievements also reflect the company’s commitment to developing the smart parking sector and upgrading customer experience, which enhances its position as a leading company in this field.
For his part, Mr. Tariq Ali Al -Jowder, CEO of Places, said: “The company“ Places ”witnessed an exceptional public in 2024, during which it achieved prominent developments in various fields of work, which strengthened its position as a pioneer in the smart movement in the Kingdom. Its strategic plans, and “Places” have expanded exceptionally, supported by the launch of distinctive projects that strengthened its position as a leading company in the movement of the Kingdom. According to the highest modern standards. The company has also ended the development of parking lots in the Salmaniya Medical Complex, which greatly contributed to improving the movement of navigation within this vital site.
The company’s expansion did not stop at the borders of Bahrain, but rather extended to the sister of the Kingdom of Saudi Arabia, where “places” obtained the necessary licenses to establish “Saudi Places Company Limited”. This expansion represents a strategic step to enhance the company’s regional presence and develop its business in promising markets, with expectations of positive impacts on the financial statements once the operational operations began.
As part of the trend towards modern technology, the company continued to invest in digital solutions to improve customer experience. These efforts included launching an electronic portal for subscriptions, paying monthly membership fees, and developing payment mechanisms through multiple digital platforms. The company also launched digital car class service through the “Amakin Mobility” application, which allows customers to seek the service easily and recover their cars and pay the fees through the application, which enhances efficiency and saves time.
In conclusion, Mr. Tariq Ali Al -Jowder, CEO of “Places” company, said: “We extend our sincere thanks and appreciation to the previous board of directors for his great efforts that contributed to advancing the growth and consolidating the company’s leadership in the smart movement. In the market. With our preparation for a new stage, we confirm in the “places” of our firm commitment to digital transformation, operational excellence, and sustainability, to ensure that added value to our society and our partners.
Bahrain Parking Company (Places) S.B. B. Public Procurement Company was established in the year 1981. The company specializes in managing parking lots, accompanying services and real estate rental. The shares of the company are also listed on the Bahrain Stock Exchange and are traded under the symbol (CPARK).
