Qatar has successfully navigated through the continuing blockade, which “undoubtedly created some challenging headwinds”, according to a top official of Aamal Company.
“I believe this is testimony not only to the resilience of the Qatari economy but also to the strong and clear leadership that our national government provides as we strive to achieve the holistic goals set out in the Qatar National Vision 2030, including diversification of the economy,” Aamal Company vice-chairman Sheikh Mohamed bin Faisal al-Thani told shareholders at the general assembly meeting in Doha yesterday, which approved 6% cash dividend.
Aamal Company chairman HE Sheikh Faisal bin Qassim al-Thani said the company witnessed a number of progressive developments and achievements last year, which positively affected the financial, operational and internal controls of the company. “This resulted in achieving excellent financial results despite the current conditions Qatar is facing as a result of the blockade on Qatar,” he added.
Highlighting that Aamal has rapidly moved to help establish alternative supply chains in the face of the continuing embargo against Qatar; the vice-chairman attributed this resilience to the diversity of its business model and said: “If one sector is experiencing a tightening in general business conditions for example, there will be others that are able to more than compensate.”
Aamal’s strong financial position and cash generation meant that it was able to act quickly once it identifies a potential value creating opportunity, a strategy that gave it a competitive advantage over its peers.
“An excellent example of this is the decision we announced in early January to proceed with three major new industrial projects, which will be the first of their kind in Qatar, having applied for the necessary approvals in 2017. Not surprisingly, we are also the partner of choice for those international blue?chip names looking to enter the Qatari market for the first time,” he said.
The meeting also voted Faisal al-Mahmoud, Yousef bin Rashid al-Khater and Hamad al-Nuaimi as independent directors.
It also approved the appointment of PricewaterhouseCoopers as the external auditor for 2018.
Aamal board addressing the shareholders in Doha yesterday.
