The meeting was held at the company headquarters, whereby all general assembly members met to evaluate the company’s impressive performance over the last business year. The year 2005 was one filled with notable achievements for the firm was able to expand its market share within the local market and to generate a net profit of JD3.2 million.
These impressive results bared their positive effect on company shareholders; for according to company records pertaining to the business year ending on December 31st 2005 the company earned a net profit of JD 3.2 million. On another level the company capital had been raised to JD 16.5 million in comparison to figures from the year 2004 whereby company capital was recorded to be JD 15 million only.
Commenting on the positive results achieved by the firm Chairman of ITC Mr. Tawfeeq Fakhouri said” I am proud of all what ITC had achieved this year, but never the less the sky is the limit as to what we want to see our operations go. At present ITC occupies 50% of the local market share, but yet we have created a well studied and long term strategy to increase our sales further in the years to come. For the future, we want to expand our product range, and we want to strengthen our ties with our partner Phillip Morris.
We worked to strengthen our market presence abroad, and we are happy to see this goal being achieved this year through our successful penetration of Iranian, and Egyptian markets. I can firmly say that this year was a good year in general and I hope to see our firm make more notable achievements in the years to come”
The General Assembly meeting ended on a positive note whereby Mr. Fakhouri thanked both Shareholders and investors for their belief in ITC and for contributing to the growth of its operations “Without your firm belief in ITC we wouldn’t be where we are today, so I want to thank you all for putting your trust in ITC, and for helping us achieve our goals” he added.
Wednesday, March 15- 2006 @ 8:56 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.