* Zad Holding extraordinary general meeting on Monday approved amendments in the company articles of association to increase the share capital by 10% in accordance with the AGM resolution to distribute 10% bonus shares
Zad Holding Company held its ordinary annual general meeting and extraordinary general meeting on Monday and approved QR0.70 per share (70%) as cash dividends in addition to 10% bonus shares for 2020.
Zad EGM approved the amendments in the company articles of association to increase the share capital by 10% in accordance with the AGM resolution to distribute 10% bonus shares.
The EGM also delegated the board of directors to make necessary changes on the articles of association according to its resolution.
Zad Holding and its subsidiaries reported that “2020 witnessed a satisfactory performance given the current market conditions, which was achieved in a challenging and rapidly changing environment. They were pleased to announce yet another successful year.”
Zad Holding achieved a net profit of QR201.49mn in 2020 compared with QR211.15mn in 2019, said chairman Sheikh Nasser bin Mohamed bin Jabor al-Thani.
Presenting the board of directors report to the company’s AGM, he said the earnings per share (EPS) remained at QR0.85 in 2020 as against QR0.89 per share in 2019.
Further, the company has provided QR14.68mn for Zakat in 2020.
“Despite pandemic crisis, we were able to maintain the performance with our clear long term strategy. Our crisis management team managed the situation by having strong supply chain management with diversified supplier profiles and proactively planning the inventory requirements (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 (in bound and out bound logistics). 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,” Sheikh Nasser said.
He said, “We are also pleased to report that in order to continue our growth and to expand our horizon further we have expanded the bakery operations with additional capacity.
“In addition to managing the strategic stock of wheat, we have also been appointed as a strategic partner for holding edible oil by the Government of Qatar and the stocks are being maintained as per the mandate from the Government.
“We are very confident that continued efforts of our very capable and visionary management team with comprehensive long term strategy, Zad Holding Company will continue to aspire for sustainable growth and achieve its business objectives.”
The chairman noted, “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 Khalid bin Khalifa bin Abdulaziz al-Thani, HE the Minister of Finance Ali Sherif al-Emadi, and HE the Minister of Commerce and Industry Ali bin Ahmed al- Kuwari for their continued support.
Tarique Mohamed, CEO, Zad Holding stated, “The vision and leadership of our board of directors, along with our business ethics and core values, has played a very important role in further strengthening our relationship with all our stakeholders. Through our customer centric approach and relentless pursuit for perfection, we are committed to achieving the highest standards of product and service quality, improved customer relationships and adaptation to market dynamics. We will strive for efficiency and profitability across the segments that we operate in”.
Besides managing the strategic stock of wheat on behalf of the government of Qatar, Zad was also appointed as a strategic partner for holding the stock of edible oil of the country, Mohamed added.
Zad Holding Company held its ordinary annual general meeting and extraordinary general meeting on Monday and approved QR0.70 per share (70%) as cash dividends in addition to 10% bonus shares for 2020.
Zad EGM approved the amendments in the company articles of association to increase the share capital by 10% in accordance with the AGM resolution to distribute 10% bonus shares.
The EGM also delegated the board of directors to make necessary changes on the articles of association according to its resolution.
Zad Holding and its subsidiaries reported that “2020 witnessed a satisfactory performance given the current market conditions, which was achieved in a challenging and rapidly changing environment. They were pleased to announce yet another successful year.”
Zad Holding achieved a net profit of QR201.49mn in 2020 compared with QR211.15mn in 2019, said chairman Sheikh Nasser bin Mohamed bin Jabor al-Thani.
Presenting the board of directors report to the company’s AGM, he said the earnings per share (EPS) remained at QR0.85 in 2020 as against QR0.89 per share in 2019.
Further, the company has provided QR14.68mn for Zakat in 2020.
“Despite pandemic crisis, we were able to maintain the performance with our clear long term strategy. Our crisis management team managed the situation by having strong supply chain management with diversified supplier profiles and proactively planning the inventory requirements (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 (in bound and out bound logistics). 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,” Sheikh Nasser said.
He said, “We are also pleased to report that in order to continue our growth and to expand our horizon further we have expanded the bakery operations with additional capacity.
“In addition to managing the strategic stock of wheat, we have also been appointed as a strategic partner for holding edible oil by the Government of Qatar and the stocks are being maintained as per the mandate from the Government.
“We are very confident that continued efforts of our very capable and visionary management team with comprehensive long term strategy, Zad Holding Company will continue to aspire for sustainable growth and achieve its business objectives.”
The chairman noted, “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 Khalid bin Khalifa bin Abdulaziz al-Thani, HE the Minister of Finance Ali Sherif al-Emadi, and HE the Minister of Commerce and Industry Ali bin Ahmed al- Kuwari for their continued support.
Tarique Mohamed, CEO, Zad Holding stated, “The vision and leadership of our board of directors, along with our business ethics and core values, has played a very important role in further strengthening our relationship with all our stakeholders. Through our customer centric approach and relentless pursuit for perfection, we are committed to achieving the highest standards of product and service quality, improved customer relationships and adaptation to market dynamics. We will strive for efficiency and profitability across the segments that we operate in”.
Besides managing the strategic stock of wheat on behalf of the government of Qatar, Zad was also appointed as a strategic partner for holding the stock of edible oil of the country, Mohamed added.