DOHA: The shareholders of Salam International approved the company's financial results for the fiscal year ending December 31, 2010 at their Annual General Meeting yesterday. The company posted a net profit of around QR141.2m, out of which QR140.3m are Salam International Investment Limited (SIIL) shareholders' equity rights.
Issa Abdul Salam Abu Issa, Chairman and CEO of the company, said the profits are computed after deduction of devaluation provision in relation with certain investments in the course of 2010, as well as provision for the company's management bonuses and board members incentives. As an inference the company's earnings per share reached QR1.42.
"In line with our conservative accounting practices, all the Company's real estate actual investments have been reflected in the consolidated financial chapters at their purchase value, irrespective of the substantial excess over their book value," said Abu Issa.
The company's shareholders approved the board of directors' recommendations for the distribution 15 percent of the paid up capital for the year 2010, to be split in the form of 10 percent cash dividends and 5 percent bonus shares. Abu Issa said that the company will capitalise on the unique growth opportunities offered by the forthcoming business growth and international sports events, most importantly the World Cup 2022.
"In this respect the company will participate in the implementation of the strategic mega-projects concerning the modernization of the infrastructure and the urban scene in Qatar for the ten years to come," he said.
He also pointed out that the company has pursued, over the course of the year 2010, a conservative policy with regards to the financial practices and the risk management approach as well as to its major investment orientations duly elucidated during last year's General Assembly meeting, which aimed at picking investment opportunities that complement the companies' line of activities and those of its subsidiaries.
© The Peninsula 2011
