Results of the Annual Extra Ordinary and Ordinary General Assembly Meetings

Aamal Company Q.P.S.C. (“Aamal”)

Results of the Annual Extra Ordinary and Ordinary General Assembly Meetings

AGM approved distributing cash dividends equaling 5% of the nominal value of each share

AGM elected new board members for the next three years term

 

28 March, 2022, Doha – Qatar: “Aamal Company Q.P.S.C.” (Aamal), one of the region’s most diversified companies, held its Annual Extra Ordinary and Ordinary General Assembly Meetings, after the quorum was achieved on Monday, 28 March 2022 over the internet using Zoom application.  

After the quorum was achieved, H.E. Sheikh Faisal Bin Qassim Al Thani - Chairman of Aamal Company – welcomed the attendees saying:
On behalf of the members of the Board of Directors, I am pleased to welcome you to the Ordinary and Extra Ordinary General Assembly Meeting.
Aamal has achieved outstanding results in 2021 at all levels, especially after the challenges that we experienced during the year 2020.
I am proud of the contributions that "Aamal" made over the previous years to the sustainable development of the Qatari economy, and I look forward to building on what has been accomplished.
Since 2021 is the end of the term of the current Board of Directors, I would like to thank the respected Board members for their time and efforts over the past three years. I would also like to take this opportunity to thank our shareholders and partners for their continued support, and express my gratitude and appreciation to all our employees, whom we greatly appreciate as they play a vital role in Aamal’s continued success.”

After the quorum was achieved, the Assembly proceeded to discuss the items on the agenda of the Ordinary General Assembly meeting as follows:

• To discuss and approve the new Articles of Association of the Company drafted to comply with the substantive changes introduced by the amending of Qatar Commercial Companies Law Number (8) of 2021.

 

The General Assembly approved the amendments on the Articles of Association in compliance with the substantive changes introduced by the amending of Qatar Commercial Companies Law Number (8) of 2021.

• In the event that the General Assembly approves Item No. (1) as set out above, to authorize the Chairman of the Board of the board, to sign the new Articles of Association for the purposes of authenticating them by the relevant authorities, and to approve the Chairman to authorize Company staff to undertake the necessary steps to complete the authentication and registration of the new Articles of Association with the relevant authorities.

The General Assembly approved the proposal to authorize the Chairman of the Board of Directors of the company to sign the new articles of association of the company before the notary public and any other government agencies entrusted with approving the new Articles of Association.
Accordingly, the Extraordinary General Assembly meeting was concluded
After the quorum was achieved, the Assembly proceeded to discuss the items on the agenda of the Ordinary General Assembly meeting as follows:

• To hear and approve Chairman’s report on the Company’s activities and the financial position for the financial year ended 31 December 2021, and hearing the Company’s future business plan.

Sheikh Mohammed Bin Faisal Al Thani, CEO and Managing Director, delivered the Chairman’s report as follows:
“In the name of Allah Most Gracious Most Merciful. Dear shareholders, representatives of Ministry of Commerce & Industry and auditors, thank you for attending the Ordinary and Extra Ordinary Annual General Assembly meeting of Aamal Company.

On behalf of the Board of Directors, I am pleased to present Aamal Company’s 2021 Annual Report.
Our diversified business model demonstrated its resilience as we navigated challenging market conditions and took advantage of exciting opportunities in each of our business segments. Aamal’s subsidiaries are always seeking to capitalize on new opportunities and maintain their market-leading positions by enhancing and expanding their offerings with innovative new products and services to satisfy growing market demand. Keeping abreast of market trends is one of Aamal’s key strengths and helps underpin our commitment to create long-term shareholder value through the continued profitable operation and expansion of our diversified business platform.

Throughout the year, we maintained our commitment to corporate governance best practice and continued to incorporate environmental, social and governance considerations at the heart of our operations. For example, Doha Cables has started supplying lead-free cables to replace more hazardous cables used in the oil and gas sector, and we launched a new website which is fully accessible to all users regardless of any disability. Our partnership with the Olympic Committee to support Qatar’s Olympic Team further reflects Aamal’s ongoing commitment to our community.
Aamal’s Board of Directors is pleased to recommend a 2021 cash dividend of 5% (QAR 0.05  a share) for approval at Aamal’s Annual General Assembly Meeting which will take place on the 28th of this month. 
2021 marked the end of the current Board’s tenure, and I would like to thank our esteemed board member for their time and efforts over the past three years. I would also like to take this opportunity to thank our shareholders and partners for their support, and to extend my gratitude and appreciation to all our employees, whom we greatly value and who are so critical to Aamal’s continued success.
I am proud of the contribution that Aamal has made over the years to the sustained development of the Qatari economy and I look forward to the opportunities for growth as we look to 2022 and beyond. The FIFA World Cup will this year provide a significant economic boost to both Aamal and Qatar and, together with the opportunities generated by the Qatar National Vision 2030, and under the wise leadership of our government, we expect increasing international recognition of Qatar as an attractive place to invest.  These are exciting times for our country and for Aamal as we strive to continue to deliver value for all our stakeholders and continue to explore new opportunities that will help us deliver sustainable growth and profitability. Thank you for your ultimate trust.”

The General Assembly approved the Chairman’s report on the Company’s activities and the financial position for the financial year ended 31 December 2021, and the Company’s future business plan.

• To hear and approve the External Auditor’s report on the Company’s balance sheet and profit and loss account for the financial year ended 31 December 2021.

The General Assembly approved the External Auditor’s report on the Company’s balance sheet and profit and loss account for the financial year ended 31 December 2021.

• To discuss and approve the Company’s balance sheet and profit and loss account for the financial year ended 31 December 2021.

The General Assembly approved the Company’s balance sheet and profit and loss account for the financial year ended 31 December 2021.

Financial Highlights
Financial Highlights

• Total revenue up 22.0% to QAR 1,594.1m (2020: QAR 1,306.8m)
• Gross profit up 24.8% to QAR 425.5m (2020: QAR 341.0m)
• Net profit before share of net profits of associates and joint ventures1 and fair value gains/losses on investment properties (“net underlying profit”) up 40.8% to QAR 271.5m (2020: QAR 192.9m)
• Net underlying profit margins increased by 2.3 percentage points to 17.0% (2020: 14.8%)
• Share of net profits from associates and joint ventures accounted for using the equity method decreased 19.7% to QAR 40.5m (2020: QAR 50.4m)
• There were no fair value gains or losses on investment properties in 2021. There were fair value losses on investment properties of QAR 121.6m in 2020
• Total Company net profit2 up 156.3% to QAR 312.0m (2020: QAR 121.7m), with net profit attributable to Aamal equity holders up 147.3% to QAR 304.9m (2020: QAR 123.3m)
• Reported earnings per share increased 147.3% to QAR 0.05 (2020: QAR 0.02)
• Net capital expenditure up 56.4% to QAR 66.6m (2020: QAR 42.6m)
• Gearing remains low at 4.54% (2020: 4.20%)

1  Net profit before share of net profits of associates and joint ventures accounted for using the equity method
2 Total Company net profit is before the deduction of net profit attributable to non-controlling interests.

• To discuss and approve the proposal of the Board of Directors to distribute dividends to the current shareholders at a sum of 5% of the nominal value of each share of the Company that they own (i.e. QR 0.05 per share).

The General Assembly approved the proposal of the Board of Directors to distribute dividends to the current shareholders at a sum of 5% of the nominal value of each share of the Company that they own (i.e. QR 0.05 per share).

• To discuss and approve the Company’s Corporate Governance Report for the year ended 31 December 2021.

The General Assembly approved the Company’s Corporate Governance Report for the year ended 31 December 2021

• To discuss and approve the Company’s Internal Control over Financial Reporting (ICOFR) Report for the year ended 31 December 2021.

The General Assembly approved the Company’s Internal Controls over Financial Reporting (ICOFR) Report for the year ended 31 December 2021.

• To discharge Members of the Board of Directors from their liability for the year ended 31 December 2021.

The General Assembly approved discharging Members of the Board of Directors from their liability for the year ended 31 December 2021.

• To vote on the candidates nominated for the Directorship seats on the Board of Aamal.

 

By secret ballot and cumulative vote count, the shareholders elected the following candidates to the Board of Directors of the company from the period between the end of the work of the Ordinary General Assembly on March 28, 2022 until the date of the General Assembly for the financial year ending on 31 December 2024:

 

1. His Excellency Sheikh Faisal bin Qassim Faisal Al Thani
2. His Excellency Sheikh Mohammed Bin Faisal Qassim Al Thani
3. His Excellency Sheikh Jabor Bin Abdul Rahman Al Thani
4. His Excellency Sheikh Abdullah Bin Hamad Qassim Al Thani
5. Her Excellency Sheikha Al-Jazi Bint Faisal Qassem Al-Thani
6. Mr. Kamel Mohammed Al-Agla
7. His Excellency Sheikh Faisal Bin Fahad Jassim Al Thani
8. Mr. Yousef bin Rashid Al Khater
9. Mr. Ali Hussein Al-Sadah

• To appoint the External Auditor for the Financial Year of 2022 and fix their fees.

The General Assembly approved appointing KPMG as the Company’s External Auditor for the Financial Year of 2022 and finalized their fees.

END

 

Further Inquiries:
Aamal Company	+ 974 4435 0666
Laura Ackel, Communications and Marketing Officer (Mobile: +974 66716576)	[email protected]

 

About Aamal Company Q.P.S.C.
Aamal is one of the region’s most diversified companies and has been listed on the Qatar Stock Exchange since December 2007. As at 27 March 2022, the Company had a market capitalisation of QAR 8 bn (US$ 2.2 bn).
Aamal’s operations are widely diversified and comprise 29 active business units (subsidiaries and joint ventures) with market leading positions in the key industrial, retail, property, managed services, and medical equipment and pharmaceutical sectors, thereby offering investors a high quality and balanced exposure to Qatar’s wider economic growth and development.
For further information on Aamal Company, please refer to the corporate website: http://www.aamal.com.qa