Over 69,000 people experience homelessness in U.S. most populous county
September 9, 2022, 9:45 am

Over 69,000 people experience homelessness in U.S. most populous county

Los Angeles has one of the highest rates of unemployment and homelessness in the United States, according to usabynumbers.com - Photo. Pixabay

An estimated 69,144 people are experiencing homelessness in Los Angeles, the most populous county in the United States, according to the results of the 2022 Homeless Count released by the Los Angeles Homeless Services Authority (LAHSA) on Thursday (Sep 8), according to the Xinhua

The number marks a 4.1 percent rise from the last count in 2020, said the authority, adding that a count was not conducted in 2021 in the county, home to around 10 million residents, due to the COVID-19 pandemic.

The results of the point-in-time count, conducted over three nights in February, also showed 41,980 people were experiencing homelessness in the City of Los Angeles, up 1.7 percent from 2020. The City of Los Angeles is the seat of Los Angeles County and also the biggest city in the county.

LAHSA said in a news release that this year's homeless count results offer a stark contrast to the results between 2018 and 2020, when Los Angeles County saw a 25.9 percent increase and the City of Los Angeles experienced a 32 percent increase.

An estimated 69,144 people are experiencing homelessness in Los Angeles - Photo. Pixabay

The authority noted that "Angelenos need more affordable homes and economic help to prevent future increases in homelessness."

LAHSA said the agency and its partners have made 84,000 permanent housing placements over the past five years.

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Thanks to a 62 percent increase in shelter beds since 2019, more people are in shelter than ever before, said the agency, adding that "shelter is a necessary and vital part of our system because bringing people inside protects them from the destructive effects on their health and safety that comes from experiencing unsheltered homelessness."

Los Angeles has one of the highest rates of unemployment and homelessness in the United States, according to usabynumbers.com.

The website reported in June that the total number of homeless people in the United States is over 553,000, and that's 170 out of every 100,000 people experiencing homeless in the country right now.

Source: xinhua

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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.