Salam International approves 8% dividend

14 June 2006

Doha: Qatar-based Salam International Investment Limited approved on Sunday the distribution of eight per cent dividend of nominal share value to its shareholders, the company said.

Issa Abdul Salam Abu Issa, chairman and chief executive officer of Salam International, announced the decision here during the annual general meeting of the company's shareholders.

"As reflected in the consolidated financial statements for the financial year 2005, net profits reached approximately 76.5 million Qatari riyals, representing an increase of 143 per cent of the realised profits as on December 31, 2004," said Abu Issa addressing the meeting.

Capital rises

"Accordingly the board of directors has recommended cash dividends of 8 per cent of nominal share value to its shareholders and will retain the remainder of the profits for the following year. The cash dividends will be distributed on the company's total capital 828 million riyals, including the newly issued shares during the second half of December 2005."

He said the company's capital increased from 243 million riyals in 2004 to 828 million riyals in 2005, showing an impressive growth of 240 per cent, as the result of the merger between Salam Group and its subsidiaries and the major projects started y the company.

He said the total shareholders' equity increased by 320 per cent to 1.24 billion riyals as of December 31, 2005 compared to 295 million riyals in 2004.

Salam International initiated its real estate activities by owning various real estates with the aim of developing and investing. Currently it owns part of Qatar's largest real estate development, the Lusail City.

In 2005, Salam also acquired 15 per cent of Saudi company Ejada, one of the largest integrated IT services and solutions provider of the region.