(MENAFN- The Peninsula) The Peninsula
Doha: Al Faleh Educational Holding held its Annual General Assembly Meeting (AGM) on Sunday, which was chaired by the Company's Chairperson and Founder Dr. Sheikha Aisha bint Faleh Al Thani, and attended by the Company's CEO Sheikha Anwar bint Nawaf Al Thani, and Board Members Sheikh Khaled bin Nawaf Al Thani and Professor Jenny Harrow, along with a representative from the Ministry of Commerce and Industry (MoCI).
The outcome of the AGM was that all resolutions proposed on the meeting agenda were approved.
The Company's external auditors reported on the Company's accounts for the fiscal year ended August 31, 2021 and it was approved unanimously that KPMG will remain the Company's auditor for the following financial year.
The meeting also covered the Board of Directors' report detailing the Company's activities and its financial position for the fiscal year ended August 31, 2021 and its future plans. The shareholders approved the financial statements for the fiscal year ended August 31, 2021 with a net profit of QR12.382m compared to QR7.072m for the fiscal year ended August 31, 2020, representing a 75 percent increase from the previous fiscal year. The earnings per share also increased from QR0.029 in the fiscal year ended August 31, 2020 to QR0.052 for the current fiscal year ended August 31, 2021. The shareholders approved a cash dividend distribution of QR0.01 for each share after four months of listing on Qatar Exchange.
Addressing the Company's shareholders, Dr. Sheikha Aisha said:“The Company's overall financial results provide clear evidence of a turnaround in the performance of the business. EBITDA increased significantly by 11 percent during the current financial year compared to last financial year. We believe the future is bright”.
She added:“All our projected expansions for this year are in progress and we look to fulfill our three-year strategic plan which will see an additional international school added to the group. We hope new disciplines will be added to our higher education portfolio too”.
The Annual General Assembly Meeting was followed by an Extraordinary General Assembly meeting, where shareholders approved amendments to the company's articles of association in accordance with the requirements of the Sharia Advisor, rectifying the status of the articles and performing necessary amendments in line with Law No. 8 of 2021 amending certain provisions of the Commercial Companies Law No. 11 of 2015, or to make any other permitted amendments in line with the laws, regulations and guidelines.
The shareholders also authorised the Chairperson of the Board Dr. Sheikha Aisha to sign the amended articles of association, performing any amendments that she deems necessary, and further authorised her to further authorise other persons to undertake the necessary steps to complete the authentication and registration of the amended articles of association with the relevant authorities.
Al Faleh Educational Holding is a leading international group that provides highly reputable products and services within the education and higher education sector in Qatar. The Company encompasses three schools, including Doha Academy and Doha International Kindergarten. In addition, the Company includes a top-ranked university which is also the first UK University to operate on a dedicated campus in Qatar, AFG College with the University of Aberdeen.
The Company is also the first woman-led Qatari company to go public and the first Qatari educational institution to list on the Venture market of the Stock Exchange, both major milestones reached under the stewardship of Dr. Sheikha Aisha.
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