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Tribune News Network
Doha
National Leasing Holding (Alijarah Holding) continues to enjoy good financial solvency and will seize investment opportunities that will have a positive impact on the performance of the group, its chairman said on Wednesday.
Addressing shareholders at the company’s annual general assembly meeting in Doha, Alijarah Holding Chairman Sheikh Falah bin Jassim bin Jabr al Thani, “Despite all the pressures the company has faced over the years, the company is back in achieving positive results for the year ended December 31, 2019, as the net profit increased by 239 percent to reach QR24.22 million compared to net profit of QR 7.14 million in the previous year.”
“The year 2019 witnessed an increase in operating revenue by 5 percent compared to the year 2018 as the executive management has endeavoured to reduce operating expenses in all sectors of the company, which has improved the profitability of the company,” he said.
He said the company has developed a detailed and strategic plan to invest its funds, and the board of directors works in cooperation with the board committees and the executive management to analyse all investment opportunities available to the company. “The board of directors seeks to achieve a positive benefit to the company and its shareholders, and to be careful and conservative in its investments,” he said.
He said the segment performance was positive for the year 2019 as the sectors achieved profits before depreciation and finance costs amounting to QR 43.88 million compared to profits before depreciation and finance costs amounting to QR28.11 million for the year 2018.
“Performance of all segments improved without exception, and this was noticeable for the limousine and driving academy segment as the results of these two segments improved by 89 percent and 116 percent respectively compared to 2018,” the chairman said.
As for dividends distribution, he said, “In continuation of the commitment towards the investors who have placed their trust in the company. The board of directors recommended to the general assembly to approve the distribution of a cash dividend of 5 percent, equivalent to QR0.050 per share to be paid out of the legal reserve.”
In conclusion, he expressed his deep appreciation and gratitude to the wise leadership of the state. He also offered his sincere thanks and appreciation to Sharia Supervisory Board members for their efforts and wise guidance.
The chairman’s speech was followed by listening to the Shari’a Supervisory Board’s report on the company’s activities and hearing the auditor’s independent report on the financial statements.
The company also discussed the balance sheet and the profit and loss account for the company for the financial year ended December 31, 2019. The general assembly approved the board of directors’ recommendation to distribute cash dividends from the company’s legal reserve at a rate of 5 percent of the nominal value per share amounting to QR 0.050 a share.
The meeting also discharged the members of the board of directors for the 2019 financial year ended 31 December 2019. The meeting also completed its agenda items, discussion of the governance report and the appointment of auditors. Alijarah Holding Chief Executive Officer Hamad Shareef al Emadi, senior employees of Alijarah and representatives of the Ministry of Economy and Industry and Sharia Supervisory Board were also present on the occasion.
Doha
National Leasing Holding (Alijarah Holding) continues to enjoy good financial solvency and will seize investment opportunities that will have a positive impact on the performance of the group, its chairman said on Wednesday.
Addressing shareholders at the company’s annual general assembly meeting in Doha, Alijarah Holding Chairman Sheikh Falah bin Jassim bin Jabr al Thani, “Despite all the pressures the company has faced over the years, the company is back in achieving positive results for the year ended December 31, 2019, as the net profit increased by 239 percent to reach QR24.22 million compared to net profit of QR 7.14 million in the previous year.”
“The year 2019 witnessed an increase in operating revenue by 5 percent compared to the year 2018 as the executive management has endeavoured to reduce operating expenses in all sectors of the company, which has improved the profitability of the company,” he said.
He said the company has developed a detailed and strategic plan to invest its funds, and the board of directors works in cooperation with the board committees and the executive management to analyse all investment opportunities available to the company. “The board of directors seeks to achieve a positive benefit to the company and its shareholders, and to be careful and conservative in its investments,” he said.
He said the segment performance was positive for the year 2019 as the sectors achieved profits before depreciation and finance costs amounting to QR 43.88 million compared to profits before depreciation and finance costs amounting to QR28.11 million for the year 2018.
“Performance of all segments improved without exception, and this was noticeable for the limousine and driving academy segment as the results of these two segments improved by 89 percent and 116 percent respectively compared to 2018,” the chairman said.
As for dividends distribution, he said, “In continuation of the commitment towards the investors who have placed their trust in the company. The board of directors recommended to the general assembly to approve the distribution of a cash dividend of 5 percent, equivalent to QR0.050 per share to be paid out of the legal reserve.”
In conclusion, he expressed his deep appreciation and gratitude to the wise leadership of the state. He also offered his sincere thanks and appreciation to Sharia Supervisory Board members for their efforts and wise guidance.
The chairman’s speech was followed by listening to the Shari’a Supervisory Board’s report on the company’s activities and hearing the auditor’s independent report on the financial statements.
The company also discussed the balance sheet and the profit and loss account for the company for the financial year ended December 31, 2019. The general assembly approved the board of directors’ recommendation to distribute cash dividends from the company’s legal reserve at a rate of 5 percent of the nominal value per share amounting to QR 0.050 a share.
The meeting also discharged the members of the board of directors for the 2019 financial year ended 31 December 2019. The meeting also completed its agenda items, discussion of the governance report and the appointment of auditors. Alijarah Holding Chief Executive Officer Hamad Shareef al Emadi, senior employees of Alijarah and representatives of the Ministry of Economy and Industry and Sharia Supervisory Board were also present on the occasion.
