Zad Holding Extraordinary General Meeting (EGM) has approved amendments in the company Articles of Association to increase the share capital by 5% in accordance with the Annual Ordinary General Meeting (AGM) resolution to distribute 5% bonus shares.
The EGM authorised the board of directors (BoD) to make the necessary changes on the Articles of Association according to its resolution.
Zad Holding EGM and AGM were held here on Monday.
The AGM elected the board of directors for a three-year term (2023–2025) with the membership of Saoud Omar H A al-Mana (representing Qatar Business House – Independent); Abdulla Ali M A al-Ansari (representing Abdulla A Al Ansari Trading Est – Independent); Ali Iskandar M A al-Ansari (representing Ali Iskandar Al Ansari & Sons Co – Independent); Sheikh Thamer M J M al-Thani (representing 7Brothers Investment Company); Sheikh Jabor M H al-Abdulla al-Thani, Sheikh Talal M J M al-Thani (representing Potential Investment Company); Sheikh Mansoor M J M al-Thani (representing Al Merqab Investment Company); Sheikh Nasser M J M al-Thani (representing Alliance Investment Company) and Sheikh Nawaf M J M al-Thani (representing Future Investment Company).
The AGM approved the BoD recommendation for a distribution of cash dividends of 62% (QR0.62) per share and 5% bonus shares for 2022.
Presenting the annual report, Zad Holding chairman Sheikh Nasser bin Mohamed bin Jabor al-Thani said the company achieved a net profit of QR194.2mn in 2022 as against QR193.9mn in 2021. The earnings per share (EPS) remained same as last year at QR0.71. Further, the company has provided QR12.6mn for Zakat in 2022.
Sheikh Nasser said: “We were able to maintain the performance despite the increase in commodity prices due to inflation. Our crisis management team continued to manage the situation by having strong supply chain management with diversified supplier profiles and proactively planning, procuring, and storing the inventory (higher stocks, hedging, etc) to counter this situation to ensure uninterrupted supply of our products.
“We continued to have a comprehensive internal and external efficiency and cost management initiatives, in order to address the challenges of increased cost on supply chain management.
“We capitalised the prevailing market opportunities during the year and strengthened the market position of our products ensuring sustainability. We continued launching new bakery products during the year to maintain sustainable growth in the bakery business. Contracting and real estate sector witnessed a momentum during FIFA cup during the year.
“We continue to manage the strategic stock of wheat and edible oils, as a strategic partner, for the Government of Qatar and the stocks are being maintained as per the mandate from the Government.
“We continue to maintain our guiding principle of investing our capital in projects with high yield potential and low risk, which are strategic and long term in nature. In the absence of such opportunities, we prefer to return the funds to our shareholders.
“We are very confident that continued efforts of our very capable and visionary management team with comprehensive long-term strategy, Zad Holding will continue to aspire for sustainable growth and achieve its business objectives.”
Sheikh Nasser said: “We would like to express our sincere gratitude and appreciation to His Highness the Amir of the State of Qatar, Sheikh Tamim bin Hamad al-Thani, for his guidance to realise our objectives under his patronage and able leadership.
“We would also like to express our sincere appreciation to HE the Prime Minister Sheikh Mohamed bin Abdulrahman bin Jassim al-Thani; HE the Minister of Finance Ali bin Ahmed al-Kuwari, and HE the Minister of Commerce and Industry, Sheikh Mohamed bin Hamad bin Qassim al-Abdullah al-Thani for their continued support.”
“We would finally like to thank all our valued shareholders for their continuous trust and support to the Board of Directors and the management of the company.”