DOHA - Issa Abdul Salam Abu Issa, CEO and Chairman of SIIL (Salam International), announced the financials of the company for 2006 at the annual general meeting here yesterday.
He said the company posted impressive results as profits rose 71.2 per cent while the revenues more than doubled and earnings per share (EPS) rose 44 per cent.
Abu Issa described 2006 as an excellent year for SIIL and pointed out that in 2006 the general strategy of expansion and growth proved successful and rewarding for the shareholders.
During the year, Salam International established new companies, restructured existing companies and entered joint venture agreements. Keeping investment in real estate high on its priority list, SIIL signed an agreement with sister company Salam Bounian for "The Gate", one of Qatar's star projects.
The market value of the company-owned real estate assets, notably the Salam Tower, located in the new commercial heart of Doha, as well as properties acquired through the merger with Salam Group grew considerably.
The company's ambition is to achieve operational growth in turnover derived from repeat business, new business opportunities and from new products and services.
"Expansion of Salam's contracting capabilities in the UAE will be a major highlight of this year's activities, as well as expanding our own contracting business in Qatar" - explained Abu Issa.
The Board of Directors has recommended cash dividends of 10 per cent of nominal share value to its shareholders from 2006 net profits with remaining profits retained for the financial year 2007.
Well known in Qatar and the region as a major supporter of philanthropic, scientific and community projects Salam International will remain committed to its charitable activities and social services allocating QR3.5m for its corporate social responsibility programme.
This is considered part of the general and administrative expenses for 2007, which does not exceed 3 per cent of net profit achieved for 2006.
By Emirates Today Staff
© The Peninsula 2007
