Qatar Oman Investment Company has disclosed the audited financial statements for the year ended December 31, 2008.
The financial statements revealed a net profit of QR 3.8 million in 2008 versus QR 11.7 million for the period starting on September 1 to December 1, 2007. The earning per share amounted to QR 0.125 in 2008 compared to QR 0.39 from September 1, 2007 through December 1, 2007.
The Board of Directors (BOD) has decided in their meeting held on Tuesday, February 24, 2009, the following:
(1) The Board’s recommendations in regards to profit and loss as follows: The BOD has recommended to the company’s AGM to transfer the profits which amounted to QR 3,759,313 to retained earnings. This year is the first financial year for the company.
(2) The board has discussed in their meeting, the budget for the year 2009 and decided on the following: The BOD has decided to endorse 2009 budget that resulted in an increase in the company’s revenues for the 2008 by 30% and a decrease in the company’s expenses by 11%.
(3) The BOD has discussed any development concerning Qatar Oman Investment Company. The BOD has discussed the development project concerning Muscat and Doha Investment Company (under establishment) which has been renamed from Qatar Oman Investment-being a closed shareholding company to take advantages of opportunities. The company will be transferred later into a shareholding company with a capital worth 30 million Omani Riyals (QR 300 Million).
(4) The BOD has discussed updates on Aluminum project .
(5) The BOD has discussed updates on Siraj Finance Company. It has been decided to find a property for rent located in Abu Dhabi, UAE and recruiting the necessary staff as well as obtaining the required approvals from the concerned parties. The application has been submitted to Central Bank in order to obtain the final approval.
(6) The BOD has discussed ay updates on the National Housing for complexes (under establishment) whereas it has been ecided to appoint a new board of directors for the company and establishing two committees – Audit Committee and Executive Committee.
(7) The BOD has discussed listing the company on Muscat Securities Market. The BOD has decided to postpone listing the company on Muscat Securities Market to a later date.
(8) The BOD has discussed the company’s strategy and future plans. The strategic and future plans have been approved.
The plan aimed at investing in Real Estate field and in shares as well as companies offered shares for public subscription. The plan concentrated on buying troubled companies as a strategic partner or as a whole with a view for restructuring financial and administrative position in the following countries:
(1) The State of Qatar and Sultanate Oman
(2) GCC
(3) Other countries.