Al Khaliji annual general assembly approves 2013 financial statements and distribution of cash dividends
Al Khalij Commercial Bank (Al Khaliji) Q.S.C. held its Annual General Assembly (AGA) and its Extraordinary General Assembly (EGA) meetings on Sunday 23 February 2014. During the annual general assembly meeting, the shareholders approved the 2013 financial statements which reflect a Net Profit After Tax of QR550.9m as of 31 December 2013, 7.6% higher than last year.
His Excellency Sheikh Hamad Bin Faisal Bin Thani Al-Thani, Chairman and Managing Director of Al Khaliji, presented the Board of Directors’ report on the Bank’s activities and financial position for the year ended 31 December 2013.
Commenting on the 2013 activities, His Excellency said: “2013 was the initial year in our new mid-term strategy and it was important for us to prioritize and deliver on certain objectives during the year to ensure we are well positioned to continue gathering momentum to grow our commercial franchise in our chosen markets with our preferred customers. The long term impact of these achievements will strengthen our business model in a manner that enables sustainable revenue streams into the future and ultimately benefits our shareholders.”
During the meeting, the shareholders of Al Khaliji reviewed and endorsed the External Auditor’s Report on the Bank’s financial position and the accounts submitted by the Board of Directors for 2013. They also endorsed the Board recommendation to distribute cash dividends of 10% of the Bank’s paid-up capital i.e. QR1 per share.
Al Khaliji shareholders discussed the Corporate Governance Report for 2013, absolved the Board members from any liability, and fixed their remuneration for 2013. They also approved the appointment of Ernest and Young as External Auditors for 2014 and fixed their fees.
During the Extraordinary General Assembly meeting, the shareholders approved the proposed amendments to the Bank’s Articles of Association as published on Al Khaliji’s website. The key change being the increase of the foreign ownership limit from 25% to 49% of the bank’s listed shares. This change allows the bank to open up to international investors and increase the liquidity of the bank’s shares. Al khaliji has reviewed its foreign ownership caps to qualify for inclusion in the MSCI index once Qatar will be upgraded to emerging market status.
Sheikh Hamad Bin Faisal Bin Thani Al Thani concluded: “We wish to express our deepest gratitude to His Highness Sheikh Tamim Bin Hamad Al Thani, Emir of Qatar and the Government of Qatar for their continuous support to the Qatari economy and institutions. We also present our sincere gratitude and admiration to His Excellency Sheikh Abdullah Bin Saud Al-Thani, Qatar Central Bank’s Governor, for his leading role in developing the banking sector and to all regulators, in particular, the Ministry of Economy and Trade, the Qatar Financial Markets Authority and the Qatar Exchange for their unwavering support. Our sincere gratitude goes as well to the executive management and all staff of Al Khaliji Group for their conscious efforts in implementing the Bank’s strategy and achieving its goals and objectives. Finally, we would like to thank our customers and shareholders for their trust and we reaffirm to them our undertaking hat we will continue to take informed business decisions, to repeat past successes, and resolutely work to deliver on our strategic goals to enhance future returns and the position of Al Khaliji in Qatar and the region.”
The Annual General Assembly (AGA) and the Extraordinary General Assembly(EGA) meetings were held at the Four Seasons Hotel and were attended by Al Khaliji shareholders, Board members, management and staff, and other investors and analysts.
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