(MENAFN- Arab Times) Al Aman Investment Company, that guarantees safe and secure investment, announced that it held a general assembly for the end of the year on Dec 31, 2014 at the company's headquarters at the Dow Tower in the presence of representatives from the Ministry of Commerce and Finance. The meeting revolved around the financial and administrative report of the company, in addition to the Board of Directors decision to distribute 5 per cent of the nominal value of the share dividend at the rate of 5 fils per share for the conclusion of the financial year.
Yusuf Ibrahim Yousef Al-Ghanim, Chief Executive Officer of the company said: "The prime achievement of safety during the year is to settle all its debts so that the balance of debt amounts in the budget amount to "zero". A new beginning carries with it a promising change in the investment environment." He further continues: "We are pleased with the results of the company's operations during the end of financial year of 2014"
Al-Ghanim mentioned that the year 2014 brought it with it a net income of KD 3,725,378 with 19 fils per share, compared to a profit of KD 83,585 with 0.4 fils per share in the fiscal year of 12/31/2013. Property rights also achieved an increase of KD 2.9 million, reaching KD 21.7 million in comparison to KD 18.8 million KD during the end of 2013.
In addition, he elaborated that: "These results come in conjunction with the implementation of our strategic plan, which was aimed at reducing credit risk and sustaining good liquidity management to reduce the burden of the cost of debt."
In reference to the company's investment plan and goal for the year 2015, Ghanim commented: "We will see the next phase of implementation of a plan that aims to restructure the assets so the investments are secure, which will lead to the added value of the investments to the company as a whole."
Al-Ghanim also stressed that the company's new strategy focuses on capturing unique investment opportunities that fit a variety of segments of the investors and to serve the largest segment of customers. Moreover, the company's mission geared towards additional investments.
Furthermore, Al-Ghanim also proudly expressed that the funds managed by the security has reached KD 240 million, which accounted for 46% of the total assets under management by Islamic investment companies listed on the Kuwait Stock Exchange. He pointed out that the successes achieved by the company have been fruitful and he acknowledges the outstanding work of the team who exhibited dedication during the challenging phase experienced by the company.
The General Assembly meeting with the Board of Directors agreed upon report for the financial year that ended on December 31, 2014, along with the auditors' report and the report of the Fatwa and Shari'a Supervisory Board of the company, as well as the approval of the company's financial statements for the fiscal year.
The Board of Directors also ratified the recommendation regardless of the remuneration that amounted to KD 23,000 and authorized purchase or sell the company's shares that do not exceed 10% of the shares, in accordance to article No. (175) of Law No. 25 of 2012. The Board of Directors also deliberated on Capital Markets Authority and on the organization of the purchase of joint-stock companies of its shares (treasury shares) and how to utilize and dispose such shares.
The members of the Board of Directors concluded their decisions with regards to financial and legal for the fiscal year. The General Assembly Election of the Board of Directors outlined the goals for the next three years which are:
Osama Mohammed Rashid Abdullah Rasheed Abdulrahman Jassim Mohammed Mohalal Al Yaseen
Yousef Ibrahim Yousef Al-Ghanim Abdullah Mohammed Abdulaziz Al Mansour
Madhi Talal Madhi Khamees Talal Hamad Al Marzouq Al-Ghanim
Abdullatif Mohammed Abdul Latif Al Shaya
Provision was elected as follows:-
1. Al Massila World Trading Company represented by Mishari Ayman Abdullah Boodai, and Real Estate Inc. represented by Abdullah Sami Mohammed Al Kaleeb. The reappointment of the company's accounts for the financial year 2015 as well as the re-appointment of the office of legitimate external audit of the company for the financial year 2015 has been approved.
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