(MENAFN- The Peninsula) Ezdan Holding Group yesterday held its Annual General Meeting (AGM) which approved all agenda of the meeting, including the Board's recommendation to distribute cash dividend of 4 percent of the nominal value of shares, equivalent to 40 dirhams for the year ended December 31, 2014.
The shareholders also approved the recommendation of adjusting the Group's strategy to sell real estate and buy shares in listed or under establishment companies in order to make way for diversification of investments.
Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, Chairman of Ezdan Holding Group, said: "In this year of 2015, Ezdan Holding Group celebrates 55 exciting years since its foundation, and that this long journey represents but a legacy to be proud of."
"Last year's record profits are the best testament to the success of the Group in its strategy, and it sends a great message that Ezdan Holding Group carries deep wisdom and insight within its core, and has all the strength and determination for moving towards achieving its mission, armed with unfailing faith, and a knowhow that reads and analyses our reality to safely reach to the future we aim for."
He added that last year the Group made successful steps that began by fully implementing investment operations, and enhancing the efficiency of all its operations to achieve maximum profitability. "The Group has precise and specific objectives consistent with its principles and mission, and based on two pillars, raise profitability rates on one hand, and support the community on the other, while staying committed to the laws of the market and full transparency," he said.
Sheikh Khalid said Ezdan Holding does not hesitate to sponsor national initiatives as an expression of its love for this country, and he added that the Group has devoted a fixed share of its profits to charity and humanitarian work, mentioning the noble act of Sheikh Thani bin Abdullah Al Thani who allocated 22.8 percent of the Group's shares to charity, which is QR310m based on last year's profits.
He asserted that the General Assembly's approval to treat shareholders of the Gulf Cooperation Council (GCC) as equal to Qatari nationals in terms of share ownership will have a good impact on the performance of the Group's share during the coming period, noting that this comes as a continuation of the decision of the previous Assembly to allow non-Qataris to own up to 49 percent of Ezdan Holding Group shares.
Ali Al Obaidli, CEO of the Group, said: "We would like to congratulate the shareholders of Ezdan Holding Group, as the financial results of 2014 reflect record growth in profits, we express our thanks to everyone who contributed in support us in order to reach the position we enjoy today. This also means that the Group fulfilled its promises, made several years ago, to meet the aspirations of its shareholders and make Ezdan a leading Group in the local and regional market with a prestigious and privileged position in the business world."
The net profit in 2014 increased by 27 percent to QR1.36bn in 2014 compared to QR1.07bn earned during the previous year.
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