Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Al Jazeera Steel Products Company achieves net profits of USD 11.8 million in 2013 and approves an all-time high cash dividend distribution of 20%  Join our daily free Newsletter

MENAFN Press - 24/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) Global Buyout Fund ("GBF") announced today that its 51% owned Al Jazeera Steel Products Company ("Al Jazeera"), which is a listed company on Muscat Securities Market, will distribute 20% in cash dividends for the year 2013, the largest dividend payment in the history of the Company



Although Al Jazeera's revenues dropped slightly to OMR 88.3 million in 2013 as compared to OMR 98.3 million in 2012, the Company continues to achieve record profits in the highly challenging steel market. Al Jazeera was able to achieve outstanding profits for the fourth consecutive year with the highest profits in the history of the Company being made in 2013 with OMR 4.6 million in net profits (OMR 0.036/share), compared to OMR 3.4 million (OMR 0.027/share) in 2012; an outstanding 33% increase. This excellent performance is mainly attributed to the efficient management of purchases and inventory in light of volatile steel prices and the dumping of Chinese and Turkish products. It is worth mention that the Company has achieved a CAGR of 22% in revenues for the period 2009-2013 and a CAGR of 34% in net profits for the period 2010-2013.



Mr. Sulaiman Al Rubaie, Chairman of Al-Jazeera Steel Products Company representing Global Buyout Fund said: "We are proud to have another successful year for Al Jazeera and its stakeholders. Al Jazeera has achieved, for the fourth consecutive year, tremendous growth and performance backed by a relatively stable demand and a strong order book. These outstanding results could not have been achieved without the efficient purchasing and inventory management, cautiousness of the management team and their exceptional performance in these challenging market envronments"




Mr. Al Rubaie added: "The GBF team has played a major role in realizing the Company's turnaround strategy and growing the business through its tight supervision in the implementation phase, opening up new areas for development and strengthening the management team over the last several years." He added: "The GBF team has helped the Company recover the losses incurred in 2009, restructured the Company and paved the way for unprecedented profitability"



Regarding the Company's future strategy, Mr. Al Rubaie stated: "The Company is now in the process of setting up the Rebar facility which will be operational in September of this year, in addition to assessing other growth opportunities in the region aiming at diversifying revenue sources, strengthening the overall performance and minimizing operational risks given the currently challenging markets. With the opening of the Rebar facility by the end of the year, expanding into the Saudi market through the JV with our Saudi partners and by operating on two shifts in the MBM factory, the performance of Al Jazeera is expected to flourish in light of the new developments and with the new initiatives which would benefit all shareholders going forward"



Mr. Al Rubaie concluded by thanking the Omani government for all the support extended to the industrial sector, foreign investors and to Al Jazeera in all fronts.



It is worth noting that since the GBF team took control of the Company six years ago, Al Jazeera has been recording continuous growth in all aspects. Over this period, the Company witnessed the turnaround into profitability in 2010 and exceptional growth in 2011, 2012 and 2013.



About Global Buyout Fund
Global Buyout Fund LP is a fund managed by Global Capital Management, Global Investment House's wholly owned subsidiary, The private equity fund invests in private and Private Investment in Public Equity (PIPE) opportunities across Middle East & North Africa including Turkey Global Buyout Fund has made investments in Jassim Transport Company in Kuwait, Planet Pharmacies in the United Arab Emirates, Bicakcilar, a medical equipment manufacturer in Turkey, and Yargici, one of the leading fashion retail brands in Turkey. It is worthwhile to mention that Global Buyout Fund also won Best Private Equity Fund award by The Banker Magazine in 2010.

 


MENAFN Press




  MENA News Headlines
 Feb 7 2016 - Shehzad stars for Quetta, Lahore beaten againGulf Times
(MENAFN - Gulf Times) Under-pressure Pakistan opener Ahmed Shehzad hit form at the right moment as he scored 71 off 61 balls to help Quetta Gladiators defeat Karachi Kings by eight wickets in the ...

 Feb 7 2016 - QF's NSD activities to promote fitness, healthy lifestylesGulf Times
(MENAFN - Gulf Times) Qatar Foundation for Education, Science, and Community Development (QF) is set to celebrate National Sport Day with a jam-packed schedule that will feature over 60 exciting ...

 Feb 7 2016 - Exciting family activities at Aspire ZoneGulf Times
(MENAFN - Gulf Times) Aspire Zone Foundation (AZF) is organising a variety of activities on National Sport Day (NSD) designed to encourage people to stay fit and promote sports activity. The ...

 Feb 7 2016 - GCC Swimming ChampionshipsGulf Times
(MENAFN - Gulf Times) Khalid Abdullah, head of Public Relations Committee of the 13th GCC Swimming Championships (25m), handed over the medals to the winners on the final day of the competitions. ...

 Feb 7 2016 - Meet Qatar heroes who are on their way to Rio GamesGulf Times
(MENAFN - Gulf Times) While there are only two days to go until the whole of Qatar comes together in a celebration of sport for the annual National Sport Day (NSD), there are less than six months to ...

 Feb 7 2016 - Key combination CTRL + X has been disabled.Gulf Times
(MENAFN - Gulf Times) Qatari high-jumper Mutaz Essa Barshim warmed up for the hectic 2016 season with a 2.29m jump to win the high jump competiton at the Pedro's Cup indoor meeting in Lodg, Poland, ...

 Feb 7 2016 - Camels blow away Hurricanes in openerGulf Times
(MENAFN - Gulf Times) Qatar Rugby 7s League got off to an explosive start as the Camels 1 picked up a massive 50-0 victory over DRFC Hurricanes in the opening game at Aspire Park last evening.Camels ...

 Feb 7 2016 - Benfica and Aspire Football Dreams share spoilsGulf Times
(MENAFN - Gulf Times) ur goals, two missed penalties, and countless chances illuminated a gripping game between Benfica and Aspire Football Dreams at Al Kass 2016.Chances were few and far between in ...

 Feb 7 2016 - VIPs, fans show support on day one of Al Kass 2016Gulf Times
(MENAFN - Gulf Times) Local football fans descended upon the Aspire Zone on Friday for an exciting opening day of events at the 2016 Al Kass International Cup.With the first of three games kicking ...

 Feb 7 2016 - Non-oil sector contribution to GDP seen at 70% next year: QFC execGulf Times
(MENAFN - Gulf Times) The Qatar Financial Centre Authority (QFCA) CEO has said he is "looking at 70% contribution" from the country's non-hydrocarbon sector to the national gross domestic product ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help