Alijarah Holding Adds Logistics To Positively Impact Realty Market

(MENAFN- The Peninsula) Joel Johnson | The Peninsula

Doha, Qatar: National Leasing Holding QSC (Alijarah Holding) held its ordinary Annual General Meeting, yesterday, in the presence of its Vice Chairman, Salem bin Butti Al Nuaimi, the members of the Board of Directors, Chief Executive Officer, Hamad Hassan Al Jamali, and the senior employees of Alijarah, the shareholders and representatives of the Ministry of Economy and Commerce, Sharia Supervisory Board, the external auditors.

Speaking to The Peninsula on the sidelines of the AGM, Al Jamali said that despite the challenges, there was an exceptional income and operation is higher than in 2022.“The income for Driving school amounted to QR25m, while the income from the dividend increased from QR7m to QR15m. Also, the core business and the companies' income increased from 32m to 39m.“

Expounding on the ongoing initiatives by the company, the official remarked that various units that commenced in 2023 indicate positive outcomes for this year, and additional projects are carried out in the real estate sector. He said,“ That will increase our income, in addition to focusing on having a stable income for the company.”

“We are part of the economy and the company works hard enough to improve by adding some logistics and also increase the units, in the real estate industry in order to increase our profit to positively impact the market.”

The AGM witnessed the hearing of the Board of Directors' report on the activity of the company and its financial position for the year ended 31 December 2023, Discussing and approving the Financial Statements of the company for the year ended 31 December 2023, approving the Board's proposal to distribute a dividend of 3 percent of the nominal value per share at the rate of QR0.03, Discussing and approving the Corporate Governance Report for 2023, and Election of the members of the Board of Directors among others.

During the AGM, Al Nuaimi gave a speech in which he explained the challenges and obstacles, the company encountered in 2023, including a rise in profit rates to historic levels, and a decline in financial markets, which in one way or another affected the businesses all around the world.

In light of the challenges, Alijarah Holding adapts to these by taking advantage of the rise in profit rates through various financial instruments.

The Board of Directors resolved to propose a recommendation to the Extraordinary General Assembly to write off the accumulated losses as of December 31, 2022, amounting to QR152,573,224 against the legal reserve balance of QR350,158,059. The Company during the fiscal year 2023 also witnessed an expansion related to the realty market by constructing additional warehouses.

The Vice Chairman also noted that Alijarah achieved net profits of QR15,395,661 last year, with revenues reaching QR60,813,319 and net operating profit amounting to QR16,059,272.

Meanwhile earnings per share amounted to QR0,031. On the other hand, total assets reached QR713,612,003 during the financial year end December 31 2023.

He noted Despite all the pressures the company has faced over the years, the Holding continues to enjoy good financial solvency that is commensurate with its future ambitions.

As for dividends distribution, he. said that in continuation of the commitment towards the investors who have placed their trust in the company. The Board of Directors also recommended to the General Assembly to approve the distribution of a cash dividend of 3 percent, equivalent to QR0.03 per share.


The Peninsula

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