Ordinary annual general assembly meeting
Aamal Company Q.S.C held its ordinary Annual General Assembly Meeting of its shareholders yesterday 30th of March 2009. The AGM aside from approving the robust financials of the company for the year 2008 and the articles mentioned in the agenda, it also approved to transfer the net profits achieved in 2008 to the year 2009 in order to protect the shareholders interests and continue with the set projects.
Sheikh Faisal also has expressed his satisfaction of the remarkable financial results achieved in 2008, reflected by an increase in the Operating Profit by 21% to reach Q.R153 million and also an increase in the Total Revenue by 21% to reach QR 651, a decrease in the company Bank Loans by -71%, and an increase in shareholders equity by 7%.
Sheikh Faisal Bin Qassim Al Thani has exclaimed that the company remarkable achievements during 2008 was a solid proof of the Company success & a natural reflection of the strong economy of the country saying that “Since Aamal was listed in Doha Securities Market at the end of 2007, it was in 2008 where the real journey of Aamal as a Public Shareholding Company has commenced, it was by all measures a thriving and challenging experience and we are keen to carry on our success through out the coming years.”
Aamal Company has witnessed positive and rewarding operational developments which as a whole represented a continuation of the plans set out and developed in the previous years following its strategy that focuses on diversification to guarantee the highest returns to our shareholders with lowest possible risks.
Future plans of Aamal is to reinforce its expansion plans in all the company’s business activities with special focus on the industrial sector as the company is currently in discussions with different specialized parties to initiate new industrial projects. In 2008, Aamal has succeeded to establish three new companies in partnership with local and international partners. Frijns Steel Construction – Middle East was established, specialized in the production, conservation, assembly and maintenance of heavy structural steel needed for the process industry. “C-San Trading” was established to operate in various sectors such as the Industrial, Real Estate and Trading in the local and international markets. Also the Advanced Pipes and Cast Company was established to produce Glass Reinforced Pipes, which is considered the latest technique in manufacturing pipes required for the oil & gas infrastructure projects.
His Excellency also reported that Aamal has announced the start of operations for two of subsidiaries that were established in 2007, IMO Qatar and Aamal Cement Industries both companies’ offers products services to the industrial sector.
His Excellency emphasized that the success of Aamal is only a mere reflection of the country’s strong and stable economy. Aamal will continue with the same pace in all of its future plans and the management will continue looking for potential opportunities that will add value to the company operations and the economy as a whole following the wise direction of His Royal Highness the Emir of Qatar, Sheikh Hamad Bin Khalifa Al Thani.
On the other hand, Mr. Tarek Mahmoud El Sayed, Deputy Chairman, has emphasized on the strong financial position of the company as shown in the financial results for 2008, and he said that “Our aim is to provide the shareholders with the highest possible returns and safe investments, which require us to follow a conservative management approach where we depend significantly on research, feasibility studies and on measuring the calculated risk prior to any investment. It is clear that Aamal adopts a strategy based on diversification in order to obtain maximum return while taking the lowest possible risks. We believe that the diversity in our operations is the safety net which protects the company and provides it with stability and strength to survive during difficult times and with prosperity and wealth when the economic conditions are well.”
Mr. El Sayed also added that during 2008, Aamal has witnessed many important accomplishments; one of which is Al Faisal Holding initiative to pay part of Aamal Company Bank Interest Bearing Loans & borrowings. Al Faisal Holding, a major shareholder in the company, has paid the equivalent of Q.R 500 million of bank interest bearing loans and borrowings on behalf of Aamal Company. This initiative has strengthened Aamal performance and enhanced its financial position through reducing bank loans and the cost of funding which provided us with sufficient cash flow to carry on our development plans.
Aamal Company will continue to witness noticeable improvements through this year since the company enjoys a strong financial position which sets a solid ground for achieving the objectives of the company and it allows it to compete in international markets. Aamal aims to build a solid industrial base to be among the first companies from the private sector to take a leading part in the country’s industrial growth and prosperity.
