Mar 08 2012 |
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Masraf Al Rayan's Qatarisation ratio grows to 33.1pc: Chairman
DOHA: Masraf Al Rayan has been successful in achieving impressive results during 2011, recording a net profit of QR1.4bn, a growth of 16.3 percent compared to 2010. The bank also achieved a growth in its total assets, which touched QR55.2bn, a growth of 59.4 percent during the period, said Dr Hussain Ali Al Abdulla, Chairman and Managing Director, Masraf Al Rayan .Addressing the bank's general assembly meeting he said the total shareholders' equity reached QR8.5bn, up by 13.3 percent compared to the previous year, while the Book Value Per Share touched QR11.34. The assembly approved the recommendations of the Board of Directors regarding appropriation and profit distribution for the fiscal year 2011. The assembly approved the cash distribution of 50 dirham per share to be added to the 60 dirham per share which has paid toward the unpaid capital at the end of June 2011. The dividends paid will reach QR1.10 per share for 2011.
Dr Hussain said the bank's Qatarisation ratio has grown to 33.1 percent. The bank continued its role as a socially-responsible entity, and consistently contributed to a wide range of sporting and social activities.
Similarly, with regards to overseas expansion beyond the State of Qatar, Masraf Al Rayan continues to conduct feasibility studies and look for opportunities across the GCC and Middle East, to acquire other entities adopting a cautious-first approach in line with the prevailing economic and financial conditions.
© The Peninsula 2012
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