Latest news with #AnnualGeneralAssemblyMeeting
Zawya
25-04-2025
- Business
- Zawya
Bank of Sharjah approves consolidated financial statements for 2024
SHARJAH: Bank of Sharjah held its 52nd Annual General Assembly Meeting (AGM) on April 23, 2025. The meeting was chaired by MSalem Al Ghammai, Board member, and attended by members of the Board of Directors, shareholders, senior management, external auditors, and representatives of regulatory authorities. The General Assembly discussed and approved all items on the agenda. It also ratified all ordinary and extraordinary resolutions set forth in the meeting, including the approval of the consolidated financial statements for the year ended December 31, 2024, and the Board's recommendation to reappoint Grant Thornton as the external auditors for the fiscal year 2025. Additionally, the General Assembly approved the Board of Directors' proposal not to distribute dividends, whether in cash or bonus shares, for the year 2024, to further strengthen its capital base, enhance its financial resilience, and support its long-term growth objectives. Commenting on the bank's performance and outlook on behalf of Bank of Sharjah's Chairman, Sheikh Mohammed bin Saud Al Qasimi, Salem Al Ghammai said: 'We are pleased to report a strong recovery in 2024, driven by enhanced operational discipline and improved fundamentals. The return to profitability was underpinned by a robust rebound in core banking income and the successful implementation of a more efficient business framework. Looking ahead, we are confident in our ability to sustain this momentum. By embracing digital innovation, sustainable finance, and a client-centric approach, we aim to create enduring value for our shareholders, customers and the wider community.' Mohamed Khadiri, CEO of Bank of Sharjah, commented: "We closed the year with a net profit of AED 385 million, a sharp reversal from the AED 275 million loss recorded in 2023. These outstanding results validate the strength of our business model and the success of our turnaround plan, which was anchored in expanding our core banking activities, driving operational efficiencies, managing risk prudently, and investing in our people. At every step, we remained focused on strengthening our foundation to ensure sustainable and inclusive growth. As we enter 2025, our strategic priorities remain clear. We will continue to build scale through high-quality, risk adjusted lending; deepen and expand our relationships across the UAE and the region; modernize our platforms and capabilities; and maintain our disciplined approach to risk management."
Zawya
17-04-2025
- Business
- Zawya
Qatar: Al Meera AGM approves cash dividend for 2024
Doha, Qatar: Al Meera Consumer Goods Company convened its Annual General Assembly Meeting for the fiscal year 2024 this Monday, corresponding to 14 April, at Radisson Blu Hotel. The meeting was held with the esteemed presence of members of the Board, Al Meera management, and a significant number of shareholders. At the commencement of the assembly, Jassim Al Surour, Director of Administrative Affairs and Human Resources, extended a warm welcome to all attendees. He conveyed his sincere gratitude and profound appreciation to Amir H H Sheikh Tamim bin Hamad Al Thani for his visionary guidance and unwavering leadership, which have been instrumental in the continued growth and development of the State of Qatar. The assembly included reviewing and approving the Board of Directors' report and the company's financial statements for the fiscal year ending December 31, 2024. The company's future strategic plans were also approved. Shareholders granted approval to discharge the Board of Directors from liability and determined their remuneration for the same fiscal year. Furthermore, the assembly ratified the Board's recommendation for cash dividends of QR0.85 per share. The external auditor's report for 2024 was approved, and the external auditor for the fiscal year 2025 was appointed, with their fees duly determined. Highlighting the company's strong financial performance in 2024, consolidated sales reached QR2.81bn, and total gross profits increased by 2.1% to QR560.3m compared to the previous year. Revenues from outlet rentals amounted to QR79m, resulting in a net profit attributable to shareholders of QR183.4m, equating to earnings per share of QR0.89. Concluding the meeting, shareholders elected the members of the Board of Directors who will serve for the three-year term from 2025 to 2027. The two members who represent Qatar Holding's stake in the Board of Directors of the Company for the next session were appointed by Qatar Investment Authority as follows: H E Essa Hilal Al Kuwari, Chairman and Mubarak Abdulaziz Al Khulaifi, Member. Shareholders also elected the following members: Prof. Khalid Ibrahim M B Al-Sulaiti, Khalid Hamed A M Al-Hababi, White Rock Trading and Contracting Company, represented by Shiekh Fahad Falah J J Al-Thani, Fakhroo Holding Company, Tariq Abdullatif H M Al-Jaber. Reflecting on the company's strong performance in 2024, Al Meera commented: 'In 2024, Al Meera continued to achieve multiple milestones in many areas, particularly for the customer shopping experience, which saw a new concept for shopping in branches that keeps pace with the latest international standards and offers a modern vision for the world of retail. In line with our constant efforts to reach all consumers, embodying our slogan 'Your Favorite Neighborhood Retailer', we opened the new Ain Khaled/Umm Al Seneem branch, featuring a modern design and technological advancements that align with our ambitious strategy for future expansion. We also renovated the Hazm Al Markhiya branch, along with several other branches, to offer customers a variety of sections that meet their growing and diverse needs whilst providing them with a smooth and enjoyable shopping experience. Digital transformation cannot be overlooked in these achievements either, such as the opening of the first self-service smart store, 'Al Meera Smart,' and the introduction of smart shopping carts, a first-of-its-kind in the Middle East. We also expanded the integration of the SAP system into our operational system, which we began implementing in 2023 to manage business and inventory. 'We are enthusiastic about continuing our expansion and development, both digitally and through our physical presence, as well as enriching the in-branch shopping experience. Our priority remains to facilitate consumer access to essential, high-quality goods at competitive prices. We extend our sincere thanks to the outgoing Board members and welcome the new members who will serve from 2025 to 2027, and wish them every success. We also thank our dedicated team for their hard work and efforts to meet the needs of our customers and the dynamic market we serve. Finally, we of course say a huge thank you to our valued customers for their continued loyalty to Al Meera.' Al Meera's Annual General Assembly Meeting also outlined the company's ambitious expansion plans for 2025, which are already well underway prior to the release of the 2024 annual report. This includes the successful opening of new branches in Mansoura and Al Thumama South. Furthermore, Al Meera is actively enhancing its digital offerings, with ongoing development of the Meera Rewards app to include more attractive offers, rewards, and an improved user experience, alongside the continued advancement of Al Meera Online, and the strategic expansion of the delivery service to reach new areas across the country. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. ( The Peninsula Newspaper
Zawya
28-03-2025
- Business
- Zawya
Qatar Islamic Insurance Group AGM proposes cash dividend of 50% of paid-up capital
Doha, Qatar: Qatar Islamic Insurance Group convened its Annual General Assembly Meeting for the year 2024, yesterday. The Board proposed to the assembly distribution of cash dividends of 50% of the paid-up capital, which equals QR0.50 per share for the year 2024. Addressing the Annual General Assembly, Jamal Abdulla Ahmad Al Jamal, Chairman of the Board said, 'It is with great honour that I welcome you, on behalf of the Board of Directors, to the Annual General Assembly of Qatar Islamic Insurance Group. The Group has been able, thanks to God Almighty, register good results in 2024. It is gratifying to announce that the Group succeeded in exceeding its business and operational goals and targets in 2024 by generating gross premium of QR551,135,023, shareholders' profit reached QR143,696,714. The shareholders' account has achieved (EPS) of 0.96 for 2024 comparing to 0.95 for the year 2023 with growth ration 1%, he added. As for the future, the Board will pursue, with unwavering determination, the Group's strategic plans for the Years 2025 – 2027 to ensure its continued growth and prosperity. Jamal Abdulla Ahmad Al Jamal further noted 'Our approved three year strategic plan and goals will permit us to increase our share of insurance business in Qatar, maximize our insurance underwriting capacities, retention and profit efficiency, re-engineer our motor insurance operations, maximize the efficiency of our investment assets diversification and profitability, rise the Qatarization percentage.' Based on the aforementioned results, the Board of Directors, in co-ordination with the Sharia' Supervisory Board, has decided to reimburse policyholders with cash surplus equaling 5% of the premiums written in 2023 . 'As for the shareholders, the Board proposes to the Assembly distribution of cash dividends of 50% of the paid-up capital, which equals QR0.50 per share for the year 2024.' 'Although we recognize that 2025 will pose a real challenge to the Qatari Private Sector and, especially, competition between insurance companies and other challenges, however, we will strive to exceed this year, products during the Group's offerings and display and that meet the needs of customers,' he added. 'We express our profound gratitude and deepest respects to H H the Amir and H E the Prime Minister for their unwavering support and endless encouragement. We give our sincere thanks to Qatar Central Bank, the Ministry Commerce and Industry, Qatar Financial Markets Authority, Edaa Company and our Sharia Supervisory Board, policyholders and shareholders.' 'Last, but not least, we convey our genuine appreciation to the General Management and staff of the Group for their wholehearted devotion and dedication. I would also like to extend my sincere thanks to all Board Members, directors and all its committees for their effort during 2024,' Chairman of the Board said. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. ( The Peninsula Newspaper
Gulf Today
26-03-2025
- Business
- Gulf Today
Adnoc Distribution announces Dhs1.285b dividend for H2-2024
Adnoc Distribution on Wednesday announced shareholder approval of all agenda items at its Annual General Assembly Meeting (AGM), including the shareholder approval of a final cash dividend of $350 million (Dhs1.285 billion) for the second half of 2024 to be distributed in April 2025. This brings the total annual dividend for 2024 to $700 million (Dhs2.57 billion), yielding 6.1 per cent, based on the 25th March 2025 closing share price of Dhs3.39, in line with the company's 2024-28 dividend policy of maintaining annual payouts of $700 million or a minimum of 75 percent of net profit, whichever is higher. Dr Sultan Ahmed Al Jaber, Chairman of Adnoc Distribution, said, 'Financially, 2024 was another record-breaking year. We delivered against our five-year strategy, achieving significant milestones that strengthened our market position and set the stage for long-term success. For the second consecutive year, our EBITDA surpassed $1 billion, driven by record fuel volumes-which increased by nearly 9 percent-and sustained non-fuel retail growth, which have allowed us to deliver strong shareholder returns.' In 2024, Adnoc Distribution unveiled a five-year growth strategy underpinned by commitments to domestic growth, building international platforms, and future-proofing its business. By successfully executing this strategy, the company achieved a record EBITDA of $1.05 billion (Dhs3.86 billion) in 2024, a 5 percent year-on-year increase driven by record fuel volumes, strong non-fuel retail growth, and higher contributions from its operations in Saudi Arabia and Egypt. The 2024 dividend reflects the company's ability to generate strong free cash flow, which totalled $756 million (Dhs2.78 billion) in 2024. Since its IPO in 2017, the company has distributed a total of $4.8 billion (Dhs17.4 billion) in dividends and delivered 92 percent in total shareholder returns. This year's dividend distribution of $700 million marks a 3.5x increase from the $200 million distributed in ADNOC Distribution's first year as a listed company. Bader Saeed Al Lamki, CEO of Adnoc Distribution, said, 'Adnoc Distribution is committed to leading the way for the future of mobility and convenience retail, as evidenced by our commitment to expanding our international operations and prioritising high-growth areas.' He added that throughout 2025, the company will continue to drive towards our five-year strategic objectives, including 1,000 service stations across our network, increasing non-fuel transactions by 50 percent, and expanding the E2GO network to 500 EV charging points across the UAE by 2028. In 2025, ADNOC Distribution is targeting the installation of approximately 100 additional fast and super-fast EV charging points across the UAE as part of its commitment to future-proofing and building the future of mobility. In the Year of Community, Adnoc Distribution is also exploring new ways to position its service stations as more than just functional stops, redefining them as welcoming spaces at the heart of the communities they serve. The company aims to double the number of properties occupied by top international and regional food and beverage brands by the end of the year, compared to the end of 2023. By 2028, Adnoc Distribution seeks to grow the number of Adnoc Oasis convenience stores by 25 percent, increase non-fuel transactions by 50 percent and scale directly-operated franchise stores to 50 or more locations - a strategy is expected to allow for a 2.5-fold increase in property yield compared to traditional rental agreements. The company is targeting 1,000 service stations across its network by 2028 and aims to add 40-50 in 2025, with 30-40 of these to be located in Saudi Arabia. In 2024, Adnoc Distribution reached a milestone of 100 service stations in the Kingdom by deploying a smart Dealer-Owned, Company-Operated (DOCO) model. This CAPEX-light, scalable approach involves partnering with local dealers who own service stations, while Adnoc Distribution manages operations. By 2029, Adnoc Distribution targets at least 300 stations across the Kingdom, positioning the company among the top five fuel and convenience retailers in the Saudi market. Adnoc Distribution sees strong growth in 2025, with planned CAPEX of $250-300 million. Through AI-driven data analytics and personalised engagement, the company is reinforcing its commitment to digital transformation, strengthening its position as the UAE's leading multi-energy mobility retailer while expanding internationally in a disciplined manner. A few days earlier, Adnoc Gas plc and its subsidiaries confirmed shareholder approval at its Annual General Meeting (AGM) to distribute $3.41 billion in full-year dividends for 2024, including a final dividend payment of $1.706 billion scheduled for distribution in the second quarter of 2025. WAM
Mid East Info
26-03-2025
- Automotive
- Mid East Info
ADNOC Distribution Shareholders Approve H2 2024 Dividend, Bringing Total Annual Payout to $700 Million - Middle East Business News and Information
Shareholders approve $350 million (10.285 fils per share) dividend for the second half of 2024, taking total dividends for the year to 20.57 fils per share with a 6.1% yield. Since its 2017 IPO, ADNOC Distribution has delivered a total shareholder return of 92%, or $7.8 billion (AED28.6 billion), through both aggregate share price growth and dividend yields. Record EBITDA, fuel volumes, non-fuel retail growth, and higher contributions from international operations contributed to strong 2024 performance. By implementing plans to add 40-50 new service stations across its network, installing 100 EV charging points in the UAE, and accelerating growth in Saudi Arabia, ADNOC Distribution is positioned for expansion in 2025 in line with its growth strategy. Abu Dhabi, UAE: ADNOC Distribution (ISIN: AEA006101017) (Symbol: ADNOCDIST), the UAE's leading fuel and convenience retailer, today announced shareholder approval of all agenda items at its Annual General Assembly Meeting (AGM), including the shareholder approval of a final cash dividend of $350 million (AED1.285 billion) for the second half of 2024 to be distributed in April 2025. This brings the total annual dividend for 2024 to $700 million (AED2.57 billion), yielding 6.1%, based on the March 25, 2025 closing share price of AED 3.39, in line with the Company's 2024-28 dividend policy of maintaining annual payouts of $700 million or a minimum of 75% of net profit, whichever is higher. Dr. Sultan Ahmed Al Jaber, Chairman of ADNOC Distribution, said: 'Financially, 2024 was another record-breaking year. We delivered against our five-year strategy, achieving significant milestones that strengthened our market position and set the stage for long-term success. For the second consecutive year, our EBITDA surpassed $1 billion, driven by record fuel volumes—which increased by nearly 9%—and sustained non-fuel retail growth, which have allowed us to deliver strong shareholder returns.' In 2024, ADNOC Distribution unveiled a five-year growth strategy underpinned by commitments to domestic growth, building international platforms, and future-proofing its business. By successfully executing this strategy, the Company achieved a record EBITDA of $1.05 billion (AED3.86 billion) in 2024, a 5% year-on-year increase driven by record fuel volumes, strong non-fuel retail growth, and higher contributions from its operations in Saudi Arabia and Egypt. The 2024 dividend reflects the Company's ability to generate strong free cash flow, which totaled $756 million (AED2.78 billion) in 2024. Since its IPO in 2017, the Company has distributed a total of $4.8 billion (AED17.4 billion) in dividends and delivered 92% in total shareholder returns. This year's dividend distribution of $700 million marks a 3.5x increase from the $200 million distributed in ADNOC Distribution's first year as a listed company. Eng. Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: 'ADNOC Distribution is committed to leading the way for the future of mobility and convenience retail, as evidenced by our commitment to expanding our international operations and prioritizing high-growth areas. Throughout 2025, we will continue to drive towards our five-year strategic objectives, including 1,000 service stations across our network, increasing non-fuel transactions by 50%, and expanding our E2GO network to 500 EV charging points across the UAE by 2028. Diversification and innovation are key drivers of our growth.' BUILDING THE FUTURE OF MOBILITY AND CONVENIENCE RETAIL: In 2025, ADNOC Distribution is targeting installation of approximately 100 additional fast and super-fast EV charging points across the UAE as part of its commitment to future-proofing and building the future of mobility. In the Year of Community, ADNOC Distribution is also exploring new ways to position its service stations as more than just functional stops, redefining them as welcoming spaces at the heart of the communities they serve. The Company aims double the number of properties occupied by top international and regional food and beverage brands by the end of the year, compared to the end of 2023. By 2028, ADNOC Distribution seeks to grow the number of ADNOC Oasis convenience stores by 25%, increase non-fuel transactions by 50% and scale directly-operated franchise stores to 50 or more locations – a strategy is expected to allow for a 2.5-fold increase in property yield compared to traditional rental agreements. The Company is targeting 1,000 service stations across its network by 2028, and aims to add 40-50 in 2025, with 30-40 of these to be located in Saudi Arabia. In 2024, ADNOC Distribution reached a milestone of 100 service stations in the Kingdom by deploying a smart Dealer-Owned, Company-Operated (DOCO) model. This CAPEX-light, scalable approach involves partnering with local dealers who own service stations, while ADNOC Distribution manages operations. By 2029, ADNOC Distribution targets at least 300 stations across the Kingdom, positioning the Company among the top five fuel and convenience retailers in the Saudi market. ADNOC Distribution sees strong growth momentum in 2025, with planned CAPEX of $250-300 million. Through AI-driven data analytics and personalized engagement, the Company is is reinforcing its commitment to digital transformation, strengthening its position as the UAE's leading multi-energy mobility retailer while expanding internationally in a disciplined manner. About ADNOC Distribution: ADNOC Distribution is a leading mobility retailer in the UAE. The Company has been providing energy for customers' journeys since 1973. Since this time, the Company has continuously been at the forefront of providing the best in customer service. Today, ADNOC Distribution enables, enhances, and energizes every customer journey thanks to digitally enabled, innovative customer experiences and high-quality non-fuel retail products. The Company operates service stations in all seven emirates in its home country, plus Saudi Arabia and Egypt, and sells lubricants in 46 countries across the world via distributors. Now in its 51st year, ADNOC Distribution has 896 service stations, 551 in the UAE, and 70 in Saudi Arabia – with an additional 30 stations contracted and under development – and 245 in Egypt. As a non-fuel retail leader in the UAE, it operates 373 ADNOC Oasis convenience stores, 35 vehicle inspection centers, and other leading services spanning car wash, lube change, and EV charging. The Company is also the leading marketer and distributor of fuels to commercial, industrial, and government customers throughout the UAE. All figures as of 31 December 2024. ADNOC Distribution aims to be the global mobility retailer of choice, enabler of sustainable mobility, and provider of exceptional customer experiences. Cautionary Statements Relevant to Forward-Looking Information: This news release contains forward-looking statements relating to ADNOC Distribution's operations that are based on management's current expectations, estimates, and projections about the petroleum, chemicals, and other related industries. Words or phrases such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'targets,' 'forecasts,' 'projects,' 'believes,' 'seeks,' 'schedules,' 'estimates,' 'positions,' 'pursues,' 'may,' 'could,' 'should,' 'will,' 'budgets,' 'outlook,' 'trends,' 'guidance,' 'focus,' 'on schedule,' 'on track,' 'is slated,' 'goals,' 'objectives,' 'strategies,' 'opportunities,' and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the Company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, ADNOC Distribution undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The payment of dividends by the Company is subject to consideration by the Board of Directors of the cash management requirements of the Company for operating expenses, interest expense, and anticipated capital expenditures, and market conditions, the then current operating environment in its markets, and the Board of Directors' outlook for the business of the Company. In addition, any level or payment of dividends will depend on, among other things, future profits and the business plan of the Company, at the discretion of the Board of Directors and approval of shareholders.
