Posted on February 24, 2019

Al Khalij Commercial Bank (al khaliji) P.Q.S.C. held the Annual General Meeting (“AGM”) and the Extraordinary General Meeting (“EGM”) of Shareholders on Sunday 24 February 2019.

At the AGM, the shareholders endorsed the financial statements for the fiscal year ended at 31 December 2018 which reflect a Net Profit after Tax of QAR 608 million. His Excellency Sheikh Hamad Bin Faisal Bin Thani Al-Thani, Chairman and Managing Director of al khaliji, presented the Board of Directors’ report on the Bank’s activities and financial position for the year ended 31 December 2018 and future plans.

Commenting on the 2018 activities, His Excellency said: “2018 was another year of success for al khaliji. The Bank’s support and continuous growth in a challenging environment were the core priorities of the Board in 2018. To this end, a number of strategic initiatives were launched to protect the Bank’s stability and achieve sustainable profits. Our business was primarily Qatar-centric. We were selective in growing our balance sheet. We divested non-core assets and focused on efficiently managing our funding base to improve yields while maintaining tight control over operating expenses. The Bank has maintained a credit rating of “A3” and “A” from Moody’s and Fitch respectively with an outlook upgraded from ‘negative’ in 2017 to “sable’ in 2018. These good ratings remain a testament of the Bank’s solid position.”

During the meeting, the shareholders of al khaliji reviewed and endorsed the External Auditor’s Report on the Bank’s accounts. They considered and endorsed the financial statements for the fiscal year ended 31 December 2018 as presented to the meeting and approved the Board’s proposal to distribute a cash dividend equal to 7.5% of the share nominal value i.e. QAR 0.75 per share for the financial year ended 31 December 2018 including the appropriation of the remaining profits as proposed in the audited financial statements.

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Furthermore, the shareholders reviewed and endorsed the External Auditor’s Report on the requirements of Article (24) of the Corporate Governance Code of Companies and Legal Entities Listed on the Primary Market issued by Qatar Financial Markets Authority concerning the Bank’s compliance with the Corporate Governance regulations and Internal Control over Financial Reporting. They also discussed and endorsed the 2018 Corporate Governance Report including the remuneration policy of the Board and Senior Management. They approved the appointment of Deloitte and Touch as external auditors for the fiscal year 2019. Board annual remuneration was agreed and the members absolved from liability as at end 2018.

At the EGM, the shareholders approved the split of nominal value of the shares from QAR 10 to QAR 1 per share and the relevant amendments to the Articles of Association of the Company (“AoA”) mainly to comply with the requirements of the Qatar Financial Markets Authority (“QFMA”). The shareholders authorized the Chairman of the Board, Vice Chairman, and/or other Board delegate to complete the necessary formalities in respect of the amended AoA subject to necessary regulatory approvals and to QFMA’s decisions with respect to split of shares.

Sheikh Hamad Bin Faisal Bin Thani Al Thani concluded: “I present our sincere gratitude and admiration, on behalf of the Board of Directors and the Bank, to His Highness the Emir, Sheikh Tamim Bin Hamad Al Thani, and to His Highness the Father Emir, Sheikh Hamad Bin Khalifa Al Thani for their continuous support to the Qatari economy and institutions.

The Board also expresses its gratitude to His Excellency Sheikh Abdullah Bin Nasser Bin Khalifa Al Thani, the Prime Minister and Minister of the Interior for his constant support. Our appreciation is also extended to His Excellency Sheikh Abdullah Bin Saud Al-Thani, the Governor of Qatar Central Bank, for his dedicated efforts to develop and support Qatar’s banking sector particularly in these challenging times and to all regulators, in particular, the Ministry of Commerce and Industry, the Qatar Financial Markets Authority and the Qatar Stock Exchange for their unwavering support. I would like also to thank the executive management and all staff of al khaliji for their dedication and efforts.

Finally, I would like to thank our shareholders and customers for their confidence and continued support to al khaliji and reaffirm our commitment to achieve sound and sustainable growth and further success.

The AGM and EGM were held at the Marriot Marquis Hotel, City Center Doha, and were attended by al khaliji’s shareholders, regulators, Board members, management and staff, and other investors and analysts.