MUSCAT -- Global Buyout Fund ("GBF") said that its 51 per cent owned Al Jazeera Steel Products Company ('Al Jazeera'), which is a listed company on Muscat Securities Market, will distribute 16 per cent in cash dividends for the year 2012, the largest dividend payment in the history of the Company.
In 2012, the Company continued to report record results for the second consecutive year. It has reported a net income of RO 3.4 million (RO 0.027 per share), a 13 per cent increase over 2011 profits which stood at RO 3.0 million (OMR 0.024 per share). Revenues jumped 8 per cent from RO 91.2 million in 2011 to RO 98.3 million in 2012.
Sulaiman Al Rubaie, Chairman of Al-Jazeera Steel Products Company representing Global Buyout Fund said:
"We are proud to have another successful year for Al Jazeera and its stakeholders. These results are supported by relatively stable demand, a strong order book and reduced finance costs. Furthermore, these outstanding results could not have been achieved without the efficient inventory management, cautiousness of the management team and their exceptional performance in these challenging market environments".
Al Rubaie added: "The GBF team has played a major role in realising the Company's turnaround strategy through its tight supervision in the implementation phase, opening up new areas for development and strengthening the management team over the last several years."
© Oman Daily Observer 2013
