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Al Khaliji's Shareholders Meeting Endorses 2019 Financial Statements and Approves Distribution of Cash Dividends
Al Khaliji's Shareholders Meeting  Endorses 2019 Financial Statements and  Approves Distribution of Cash Dividends

Doha, 24 February 2020:   Al Khalij Commercial Bank (al khaliji) P.Q.S.C. held the Annual General Meeting (“AGM”) of Shareholders on Sunday 23 February 2020. 

At this meeting, the shareholders endorsed the financial statements for the fiscal year that ended on 31 December 2019, which reflect a Net Profit after Tax of QAR 646 million. 

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 that ended on 31 December 2019 and future plans.

Commenting on the 2019 activities, His Excellency said: 
“2019 was another successful year for al khaliji at all levels. We continued our growth in Qatar thanks to the prudent economic policies and the stable financial system of the State of Qatar. Stability and sustainability were key drivers for growing our balance sheet while managing risk cautiously. In 2019, the Board approved a new mid-term strategy that aims at achieving sustainable growth, creating added value for all stakeholders and providing better customer service while enhancing and promoting al khaliji’s reputation in the banking sector.


2019 marked a significant milestone in the development of the Bank as we inaugurated our new purpose-built Head Office al khaliji Tower, in the heart of Lusail City. Shifting to our new headquarter supports our strategy to build on our growth and deliver improved services to our customers. With our strong financial position, sustainable profitability and market share, al khaliji is well positioned to achieve excellence in the market”. 


During the meeting, the shareholders of al khaliji reviewed and endorsed the External Auditor’s Report on the Bank’s accounts. They considered and endorsed the financial statements for the fiscal year that ended on 31 December 2019 as presented to the meeting and approved the Board’s proposal to distribute a cash dividend equal to 7.5% of the share nominal value, i.e. QAR 0.075 per share for the financial year that ended on 31 December 2019, and added the remaining profits to the accounting reserves.
 
Furthermore, the shareholders reviewed and endorsed the External Auditor’s Report on the requirements of Article (24) of the Corporate Governance Code of Companies and Legal Entities Listed on the Primary Market issued by Qatar Financial Markets Authority concerning the Bank’s compliance with the Corporate Governance regulations and Internal Control over Financial Reporting. They also discussed and endorsed the 2019 Corporate Governance Report including the remuneration policy of the Board and Senior Management. They approved the appointment of Deloitte and Touch as external auditors for the fiscal year 2020. Board annual remuneration was agreed and the members absolved from liability as at the end of year 2019. 

Sheikh Hamad Bin Faisal Bin Thani Al Thani concluded:
“I present our sincere gratitude and express our admiration, on behalf of the Board of Directors and the Bank, to His Highness the Emir, Sheikh Tamim Bin Hamad Al Thani, and to His Highness the Father Emir, Sheikh Hamad Bin Khalifa Al Thani, for their continuous support to the Qatari economy and institutions.

The Board also expresses its gratitude to His Excellency Sheikh Khalid Bin Khalifa Bin Abdulaziz Al Thani, the Prime Minister and Minister of the Interior for his constant support. Our appreciation also extends to His Excellency Sheikh Abdullah Bin Saud Al-Thani, the Governor of Qatar Central Bank and to all regulators, in particular, the Ministry of Commerce and Industry, the Qatar Financial Markets Authority and the Qatar Stock Exchange for their unwavering support. I would also like to thank the executive management and all staff of al khaliji for their dedication and efforts.
 
Finally, I would like to thank our shareholders and customers for their confidence and continued support to al khaliji.”
 
The AGM was held at the Marriot Marquis Hotel, City Center Doha, and was attended by al khaliji’s shareholders, regulators, Board members, management and staff, and other investors and analysts.

Posted by : Qatar and Doha City PR Network Editorial Team
Viewed 2604 times
PR Category : Banking & Investments
Posted on : Monday, February 24, 2020  9:45:00 AM UAE local time (GMT+4)
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