DOHA - Salam Group recently announced an increase of 114 per cent in its first-half profits for the fiscal year 2005.
The semi-annual consolidated financial statement indicates the following achievements.
The net profit of the company of the first half of the fiscal year 2006 reached an amount of QR49,598,615 in comparison to QR23,188,932 of the first half of the fiscal year 2005, which represents an increase by 114 per cent.
The earning per share (EPS) reached 60 Qatari Dirhams in the first half of the year 2006 compared to 50 Qatari Dirhams in the first half of 2005, which is restated EPS for the right issue and bonus shares distributed 2005. This represents an increase by 20 per cent of EPS.
Most of these profits are operational profits.
The increase of profits includes the increase of profit achieved by the companies' subsidiaries; profit achieved by the merged Salam Group and its subsidiaries, and the increasing of the company's capital.
It's worth mentioning that the company's real estate and other investments which were completed at the end of the last fiscal year 2005 and the start of the current fiscal year 2006, that amount more than QR200 m are long term investments by their nature and they require long time lag to show their financial results.
Most of these investments are real estate investments accounted in the company's books in their cost value (not the market value) according to the company's fiscal policy.
© The Peninsula 2006
