Okaz Organization makes SR134 million in net profit
JEDDAH -- "There are huge challenges ahead but with our strong ambitions, we'll surely overcome them," Abdullah Saleh Kamel, Chairman of the Board of Directors of Okaz Organization for Press and Publication, told the annual General Assembly meeting of the organization here on Thursday.
"We are determined to improve the performance of the organization," Kamel added. "We'll definitely have to change many of the organization's regulations to keep it up to date with the challenges of the new media and make it maintain its leading position as a media organization in the Kingdom."
The chairman stressed that new ideas and initiatives should be studied to achieve these goals and make the organization more profitable. He also thanked the members for reelecting him for another term.
The organization netted SR134 million in profits, the largest in its history, last year. A sum of SR110 million from the profits was distributed among shareholders.
Eight members were selected to the Board of Directors for the new term. They are Abdullah Kamel, Nabeel Abdullah Al-Husayen, Waleed Arab Hashim, Waleed Muhammad Bin Mahfouz, Hussein Shobokshi, Tareq Ali Fadaq, Abdullah Omar Khayat and Ahmad Al-Yousuf.
In addition, Okaz Organization's Director General Waleed J. Kattan and Editor-in-Chief of Okaz newspaper Dr. Hashim Abdo Hashim will serve on the board. Abdul Aziz Al-Dakheel and Mazen Iyad Madani will be alternate members.
The meeting approved the nomination of eight members from the organization's staff to the General Assembly. They are Abdul Aziz Al-Sihli, Deputy Director General; Ahmad Sulaiman Al-Batah, Assistant Director General; Abdullah Al-Husoon, general supervisor of public relations and community service; Hafiz Al-Amri of the distribution department; Hashim Al-Jahdali, assistant editor-in-chief of Okaz; Adel Basaqr, senior managing editor at Okaz; Majed Zaidan, managing editor of Okaz; and Abdullah Al-Obyan, managing editor for culture and new media at Okaz.
The meeting approved the appointment of Muhammad Al-Bukairy as Editor-in-Chief of Al-Nadi sports newspaper.
The members reduced the workweek in the organization to 40 hours and approved two-day weekend for all employees.
Abdul Latif Al-Jabr, a board member, expressed his desire not to renew his membership, but said he would continue his support to the organization. He said he wanted to give younger generation a chance.
NEW BOARD MEMBERS
Dr. Ahmad Al-Yousuf
58 years old. Holds PhD in media and marketing from the University of Florida. A former Editor-in-Chief of Saudi Gazette, he is currently a faculty member at King Abdulaziz University. He conducted numerous media and marketing researches.
Nabeel Al-Husayen
54 years old. Holds a master's degree in administration from South California University. He is the director general of the western region at Al-Jazirah Auto Company. He worked for the Saudi cultural attaché in California, the Ministry of Higher Education, and King Abdulaziz University.
Waleed Bin Mahfouz
48 years old. Holds a bachelor's degree in business administration. He is the chairman of the board of directors of SEDCO Holding Company and member of the audit committee at Okaz Organization.
HIGHLIGHTS OF THE MEETING
- All members welcomed the initiatives made by the chairman of the Board of Directors and his decision to give up part of his stakes in the company.
- The members commended outgoing board member Abdul Latif Al-Jabr for his efforts.
- The three new members, Nabeel Al-Husayen, Ahmad Al-Yousuf and Waleed Bin Mahfouz, expressed their appreciation to the members for their trust in them.
- The eight nominated members thanked the members, especially Abdullah Kamel and Muhammad Al-Husoon, for their trust and giving up shares for their sake.
- The chairman welcomed Taha Samman, a newly joined member.
- Dr. Ahmad Al-Yousuf was selected to prepare the minutes.
- Members expressed happiness over the transparency of the session.
KAMEL'S INITIATIVES AND OFFERS
Director General Waleed Kattan informed the General Assembly members of Board Chairman Abdullah Kamel's offers to the organization's staff:
- Kamel gave free shares in the Electronic Publishing Company to more than 100 employees.
- He gave up some of his shares to four candidates from Okaz newspaper to join the organization.
- He gave one month's full salary to the organization's top management and half a salary to all employees for their excellent efforts last year.
- He bore the costs of a study to improve the performance of the organization and keep it in pace with the latest developments in the media world.
- He paid off the outstanding dues of some employees who defaulted on payment.
INCENTIVES AND BONUSES
Over the next few days, the organization will distribute annual bonuses to all staff members. The bonuses will be 1 to 3 months' salaries in addition to an extra month's salary in Ramadan.
A number of employees will get promotions while some will get pay raises in view of their outstanding performance.
The organization and Okaz newspaper will soon celebrate the man of the year award.
NEW MEMBERS OF THE GENERAL ASSEMBLY
Abdul Aziz Al-Sihli
Abdullah Al-Obyan
Abdullah Al-Husoon
Adel Basaqr
Ahmad Al-Batah
Hafiz Al-Amri
Hashim Al-Jahdali
Majed Zaidan
© The Saudi Gazette 2013
