Aamal AGM approves 5% cash dividend

Doha: Aamal Company, (Aamal), one of the region’s most diversified companies, yesterday held its online Annual Extra Ordinary and Ordinary General Assembly Meetings led by the Chairman of the Board of Directors (BOD) Sheikh Faisal bin Qassim Al Thani.  

During the event, the General Assembly approved the Company’s financial position for the financial year ended December 31, 2021, its business plans, as well as the proposal of the BOD to distribute dividends to the current shareholders at a sum of 5 percent of the nominal value of each share or QR0.05 per share. 

In his speech, Sheikh Faisal reiterated that Aamal has achieved outstanding results last year at all levels despite challenges the Company experienced in 2020.

“I am proud of the contributions that Aamal made over the previous years to the sustainable development of the Qatari economy, and I look forward to building on what has been accomplished,” he added. 

CEO and Managing Director of Aamal Sheikh Mohammed bin Faisal Al Thani, who delivered the annual report, said: “The FIFA World Cup will this year provide a significant economic boost to both Aamal and Qatar and, together with the opportunities generated by the Qatar National Vision 2030, and under the wise leadership of our government, we expect increasing international recognition of Qatar as an attractive place to invest. These are exciting times for our country and for Aamal as we strive to continue to deliver value for all our stakeholders and continue to explore new opportunities that will help us deliver sustainable growth and profitability”. 

He added: “Throughout the years, we maintained our commitment to corporate governance best practice and continued to incorporate environmental, social and governance considerations at the heart of our operations. For example, Doha Cables has started supplying lead-free cables to replace more hazardous cables used in the oil and gas sector, and we launched a new website which is fully accessible to all users regardless of any disability. Our partnership with the Olympic Committee to support Qatar’s Olympic Team further reflects Aamal’s ongoing commitment to our community”. 

During the meeting, the General Assembly also approved Aamal’s Corporate Governance Report for the year ended December 31, 2021, as well as the company’s Internal Controls over Financial Reporting (ICOFR) Report for the same period. 

The General Assembly also approved discharging Members of the Board of Directors from their liability for the year ended December 31, 2021.

By secret ballot and cumulative vote count, the shareholders elected the following candidates to the Board of Directors of the company from the period between the end of the work of the Ordinary General Assembly on March 28, 2022 until the date of the General Assembly for the financial year ending on December 31, 2024: Sheikh Faisal bin Qassim Faisal Al Thani, Sheikh Mohammed bin Faisal Qassim Al Thani, Sheikh Jabor bin Abdul Rahman Al Thani, Sheikh Abdullah bin Hamad Qassim Al Thani, Sheikha Al Jazi bint Faisal Qassem Al Thani, Kamel Mohammed Al Agla, Sheikh Faisal bin Fahad Jassim Al Thani, Yousef bin Rashid Al Khater, and Ali Hussein Al Sadah. 

The General Assembly also approved appointing KPMG as the Company’s External Auditor for the Financial Year of 2022 and finalised their fees.