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 environments"



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
 Apr 26 2015 - Egypt- Consumer Protection emphasise maintaining mineral water pricesDaily News Egypt
(MENAFN - Daily News Egypt) As fears over water safety continue, measures are taken to ensuring mineral water prices remain unchanged.The Consumer Protection Department at the Ministry of Supply and ...

 Apr 26 2015 - Egypt- VAT law will raise inflation indicators, reduce purchasing power of consumers: Dcode ChairmanDaily News Egypt
(MENAFN - Daily News Egypt) Chairman of Dcode Economic and Financial Consulting Mohamed Farid expects inflation indicators to rise, while the purchasing power of consumers will be reduced with the ...

 Apr 26 2015 - $6bn in Gulf deposits temporarily eases Egypt's economic burdensDaily News Egypt
(MENAFN - Daily News Egypt) Deposits worth $6bn received by the Central Bank of Egypt (CBE) from three Gulf monarchies last week will help meet the country's obligations for several months to come, ...

 Apr 26 2015 - Egypt, Indonesia trade exchange increases by 21%Daily News Egypt
(MENAFN - Daily News Egypt) Egypt and Indonesia's trade exchange has increased by 21% compared to the previous year, with a value of $258m, according to Amin Sabry, Egyptian Trade Commissioner at the ...

 Apr 26 2015 - Mobinil net losses shrink to EGP 35mDaily News Egypt
(MENAFN - Daily News Egypt) Mobinil, one of the three mobile operators in Egypt, recorded a slope in the amount of accumulated losses during the first three months of 2015, marking an 80.2% decrease ...

 Apr 26 2015 - Car bombings kill at least 6 civilians in, around BaghdadSaudi Press Agency
(MENAFN - Saudi Press Agency) A car bombings in and around Baghdad have killed at least six civilians, AP quoted Iraqi officials as saying.A police officer said the deadliest in Sunday's attacks was ...

 Apr 26 2015 - Senate receives 2014 Audit Bureau reportJordan News Agency
(MENAFN - Jordan News Agency) Senate President Adul Raouf Rawabdeh has received the Audit Bureau's 63rd report for 2014 from the president of the Bureau, Mustafa Barari.During the meeting, Rawabdeh ...

 Apr 26 2015 - Israel reopens Karem Abu Salem crossing pointJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation authorities on Sunday reopened the Karem Abu Salem commercial crossing in the Gaza Strip, following a four-day closure, under the pretext of Jewish ...

 Apr 26 2015 - Hashemite Fund, UNDP sign $22 million project to rehabilitate two streets in JerusalemJordan News Agency
(MENAFN - Jordan News Agency) Under the Auspices and Attendance of His Royal Highness Prince Ghazi Bin Muhammad, Chairman of the Hashemite Fund for the Restoration of Al-Aqsa Mosque and Dome of the ...

 Apr 26 2015 - Regent visits tomb of late Queen Zein Al SharafJordan News Agency
(MENAFN - Jordan News Agency) His Royal Highness Prince Faisal Bin Al Hussein, the Regent, on Sunday visited tomb of Her Majesty the late Queen Zein Al Sharaf to mark the 21st anniversary of her ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

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