Doha - The annual general meeting (AGM) of shareholders of Salam International yesterday approved distribution of eight per cent dividend of nominal share value to its shareholders recommended by the Board of Directors which will retain the remainder of the profits for the following year.
Addressing the AGM, Issa Abdul Salam Abu Issa Chairman and CEO of Salam International, said the cash dividends will be distributed on the company's total capital of QR828m, including the newly issued shares during the second half of December 2005.
"For Salam International 2005 was an excellent year, one filled with major achievements. The year 2005 witnessed the execution of many of the company's ambitious plans, built on expansion and growth. The company has expanded regionally by owning prestigious companies and initiating its real estate activities", Abu Issa told the company's shareholders.
The company has recorded a net profit of approximately QR76.5m as of December 31, 2005, showing a 143 per cent growth over the profits achieved during the correspond period in 2004.
The total shareholders' equity increased by 320 per cent to QR1.24bn as of December 31, 2005 compared to QR295m in 2004, while the company's capital increased from QR243m in 2004 to QR829m in 2005, showing an impressive growth of 240 per cent attributed to the merger of Salam Group into the company.
© The Peninsula 2006
