US House panel finds gun makers made over $1 billion in assault rifle sales
July 28, 2022, 8:25 am

US House panel finds gun makers made over $1 billion in assault rifle sales

Handgun/Pixabay

Five major gun manufacturers combined to make more than $1 billion in revenue from assault rifle sales in the past decade, the US House of Representatives Committee on Oversight and Reform said Wednesday (July 27), the Anadolu Agency reported.

Following a devastating school shooting in Texas and a mass shooting that targeted Black people in New York earlier this year, the panel sent letters to the heads of Daniel Defense, Smith & Wesson Brands, Sturm, Ruger & Company, Sig Sauer and Bushmaster Firearms Industries in May asking for information on their marketing and sale of AR-15-style assault rifles.

The gunmen in the Uvalde, Texas and Buffalo, New York shootings used AR-15 assault rifles to carry out their grisly rampages.

In addition to making more than $1 billion in the past 10 years, the panel found that Daniel Defense’s revenue from assault rifle sales tripled to more than $120 million in 2021, compared to 2019, and Ruger’s gross earnings nearly tripled during that period.

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It also determined that gun manufacturers "employ a variety of financing tactics and manipulative marketing campaigns to sell AR-15-style rifles to civilians, including young people," and also do not track when their products have been illegally modified.

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The committee said in a statement, each of the companies acknowledged that they do not have any systems or processes in place to gather safety data on their products and "were unable" to produce any internal information on the "dangers caused by selling their military-style weapons to civilians."

Chairwoman Carolyn Maloney said the companies are "selling the weapon of choice for mass murderers who terrorize young children at school, hunt down worshippers at churches and synagogues, and slaughter families on the Fourth of July."

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"The business practices of these gun manufacturers are deeply disturbing, exploitative, and reckless," she said. "I hope my Committee’s findings and hearing serve as a call to action ahead of this week’s historic House vote to ban assault weapons and end the outrageous liability shield enjoyed by gun manufacturers."

Source: aa

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.