Doha: National Leasing Holding (Alijarah Holding) held its ordinary AGM online, yesterday. The General Assembly approved the Board of Directors’ recommendation to distribute cash dividends from the Company’s legal reserve at a rate of 2.5 percent of the nominal value per share, QR0.025 per share.
Addressing the meeting Sheikh Falah Bin Jassim Bin Jabr Al Thani, the Chairman of the Board of Directors said that the company will explore new investment opportunities with lucrative returns.
Hamad Shareef Al Emadi, Chief Executive Officer and the senior employees of Alijarah, the shareholders and representatives of the Ministry of Economy and Commerce, Sharia Supervisory Board, the external auditors were also present in the meeting.
The agenda of the Ordinary General Assembly included discussing and approving the Financial Statements of the company for the year ended December 31, 2020; absolving the Boards of Directors Members for the year ended December 31, 2020; discussing and approving the Corporate Governance Report for 2020; appointing an External Auditor for the Company and fixing their fees and election of the members of the Board of Directors.
Delivering the speech, the Chairman explained that 2020 witnessed drastic changes the COVID-19 pandemic had impacts on the company’s results for the year 2020, some of which were negative, but led to positive decisions by the company’s board of directors to cut down the company’s losses, accordingly the BOD took its decision to cease the Taxi operation effective December 31, 2020 in order to stop the losses of this activity and preserve the rights of the shareholders.
He added on the other hand, this pandemic had positive impact, as the company, under the direction of the Board of Directors, snapped some investments in the local market, which had a positive impact on the financial statements, and achieved an income from investment that amounted to QR59.99m compared to QR9.83m for the year 2019.
Conversely, revenues from the main activities decreased by nearly 44 percent, due to the decline from the revenue generated of the Lusail project, since approximately 90 percent of the project was handed over to the operator, while the remaining which represents the landscape is currently under handover stage.
He added that this decline in revenues led to a decline in operating cost and administrative expenses, which decreased by 38 percent and 35 percent, respectively.
He noted that Alijarah achieved a profit from continued operations QR45.84m compared to QR31.25m, an increase of 45 percent, and a net profit for the year QR12.85m compared to QR24.22m, as the loss from discontinued operations for the year 2020 (taxi) QR32.99m.
He added the company is looking forward to reopening the path for investments in 2021 and searching for new investment opportunities with lucrative returns for the company, as the board of directors always seeks to achieve positive benefits for the company and shareholders and is keen on selecting investments.
He noted despite all the pressures the company has faced over the years from the Group’s sectors, the Holding continues to enjoy a good financial solvency and is still able to complete the march and seize the investment opportunities that will have a positive impact on the performance of the Group.
In conclusion, he expressed his deep appreciation and gratitude to the wise leadership of the state, where the group was not to meet all the accomplishments without endless support from Amir H H Sheikh Tamim bin Hamad Al Thani, for his continued support and guidance.
He also offered his sincere thanks and appreciation to Sharia Supervisory Board members for their efforts and wise guidance and thanked all shareholders and valued customers.
This was followed by listening to the Shari’a Supervisory Board’s report on the company’s activities and hearing the auditor’s independent report on the financial statements.
