Al Faleh Educational Holding Chairperson and Founder Dr. Sheikha Aisha Bint Faleh Al Thani at the meeeting.
Doha: Al Faleh Educational Holding Q.P.S.C. (the “Company”) held its Annual General Assembly Meeting on November 13, chaired by the Company’s Chairperson and Founder Dr. Sheikha Aisha Bint Faleh Al Thani.
The quorum for the General Assembly Meeting has been verified in accordance with Commercial Companies Law No. (11) of 2015 and its amendments. The Chairperson of the Board of Directors, Dr. Sheikha Aisha bint Faleh Al Thani, started the meeting and began with praise to God Almighty and prayers to His Prophet and welcomed all attendees, then the Chairperson referred to the agenda items of the meeting in preparation for discussion.
Al Faleh Educational Holding AGM has approved the following resolutions:
1. The report of the Board of Directors on the Company’s activities, financial position for the year ended 31 August 2022 and the future plans.
2. The report of the External Auditor on the Company’s Financial Statements for the year ended 31 August 2022.
3. Approval of the Company’s financial position and statement for profit or loss for the Company for the year ended 31 August 2022.
4. Approval of the auditors’ report on the appropriateness and effectiveness of Internal Control systems implemented in the Company for the year ended 31 August 2022.
5. Approval on the Board of Directors’ recommendation to distribute cash dividends to the shareholders equivalent to 0.03125 QAR for each share for the year ended 31 August 2022.
6. Approval to discharge the Board members from any liability for the year ended 31 August 2022, and not to grant them remuneration for the year ended 31 August 2022 except for the yearly fixed lump sum amount adopted in accordance with the Company’s Articles of Association.
7. Approval of the Corporate Governance Report for the year ended 31 August 2022.
8. Approval of certain policies that were developed pursuant to the requirements of the Corporate Governance Code issued by Qatar Financial Markets Authority.
9. Hearing of the Sharia Advisor report of the activity of the Company for the year ended 31 August 2022.
10. Appointing Russell Bedford as an External Auditor for the Company for the year ended 31 August 2023.
Addressing the Company’s shareholders, Dr. Sheikha Aisha Bint Faleh Al Thani said: “Our revenues reached QAR 126,787,324 for the period ending on August 31, 2022 compared to QAR 121,944,511 for the same period of the previous year, with a growth rate of 3.97%. Earnings per share (EPS) amounted to QAR 0.051 for the period ending on August 31, 2022 compared to QAR 0.052 for the same period of the previous year.”
The Company fared well in cashflow generation, with net cash at the end of the year of QAR 11.9 million, an increase of 75.3% from 2021. This was largely the result of stable business performance and improved working capital management. The Company’s borrowing decreased to QAR 22 million as at 31 August 2022, compared to QAR 33.8 million for the same period of the previous year.
Addressing the Company’s shareholders, Sheikha Anwar Bint Nawaf Al Thani said: “We have completed yet another successful year for Al Faleh Educational Holding. Our financial position pictures our stability and performance throughout the past year. Our vision is to contribute to the education and development of Qatar’s future leaders in line with Qatar National Vision 2030. Within the coming year we are looking to further improve our services and increase our income whether at the Doha Academy schools where we are currently considering further accreditations that will increase the demand to enroll in our well-established schools, or at AFG College where we are working alongside our partner the University of Aberdeen to introduce new degree programmes and expand our portfolio once they are approved by the Ministry of Education and Higher Education.”
