Chief Business Reporter
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| Sheikh Faisal presiding over the meeting |
An amendment to Article (7) of the company bylaws was approved by Aamal shareholders at their extraordinary general assembly meeting at the Renaissance Doha City Center Hotel yesterday.
The general assembly approved the issuance of 10% bonus shares to the shareholders. Consequent on this, the paid up share capital will go up by QR450mn to QR4.95bn.
Aamal chairman Sheikh Faisal bin Qassim al-Thani presided over the meeting.
Another amendment approved by the shareholders at their extraordinary general meeting enables Aamal to manage industrial projects in future.
Sheikh Faisal has said the company was increasing its focus on industrial manufacturing through new businesses and partnerships in key, high growth sectors in line with the Qatar National Vision 2030 and the country’s successful award for hosting the FIFA World Cup 2022.
Detailing Aamal’s dividend policy, a company source said: “Consistent with our growth strategy in the near-term, the company currently plans to reinvest part or all of its profits in the development of its businesses and in opportunities as they become available.
“Future dividends will depend on the company’s results of operations, financial position, cash requirements, legal reserve, minimum capital requirements, future prospects and other factors deemed relevant by the board of directors and the shareholders.”
Pursuant to the Commercial Companies Law and Article 72 of the company’s Articles of Association, Aamal said it must transfer 10% of net profit each year to a statutory reserve until it equals 50% of the paid-up capital.
Aamal posted a net profit of QR59.1mn in the first quarter of 2011. The company’s gross profit surged 22.4% to QR103.7mn in the first quarter compared with QR84.7mn in the same period last year.
Aamal’s revenue also had gone up 36.5% to QR356.6mn in Q1 compared with QR261.2mn in the same period last year.
The company’s industrial manufacturing, trading and distribution, property and managed services divisions performed well in the first quarter, company figures show.
One of GCC’s fastest growing diversified conglomerates, Aamal is focused on sustained, profitable growth and strongly diversified for balance exposure across Qatar’s rapidly growing economy.
Aamal’s operations comprise some 22 business units with market leading positions in the key industrial, retail, property, managed services and medical equipment and pharmaceutical sectors.