Al Khalij Commercial Bank (al khaliji) shareholders have endorsed the financial statements for the fiscal year that ended December 31, 2020, which reflect a net profit after tax of QR683 million ($188 million).

 

At the Annual General Meeting (AGM) of shareholders on March 23, 2021, 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 that ended on December 31, 2020 and future plans.

 

Commenting on the 2019 activities, he said: “2020 was, without doubt, a year like no other owing to the Coronavirus pandemic the ramifications of which had a major impact on the global economy and every aspect of daily life. al khaliji’s performance remained strong despite the enormous challenges of 2020, has proven itself to be competent during troubling times and has managed to increase its net profit and achieve selective balance sheet growth. Our success is primarily owing to our Qatar centric strategy, strong financial foundation, team commitment and loyal shareholders and customer base.”

 

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 that ended on December 31,  2020 as presented to the meeting and approved the Board’s proposal to distribute a cash dividend equal to 5.6% of the share nominal value, i.e. QR0.056 per share for the financial year that ended on 31 December 2020, and added the remaining profits to the accounting reserves.

 

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 2020 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 2021. Board annual remuneration was agreed and the members absolved from liability as at the end of year 2020.

 

Subject to the approval of the Extraordinary General Assembly of Shareholders on the proposed merger between al khaliji and Masraf Al Rayan, the AGM approved the extension of the mandate of the current of al khaliji with its current composition and members as elected in the General Meeting of Shareholders of al khaliji on February 27, 2018 until the Effective Date of the proposed merger with Masraf Al Rayan.

 

Sheikh Hamad concluded: “I present our sincere gratitude and express our 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 Sheikh Khalid Bin Khalifa Bin Abdulaziz Al Thani, the Prime Minister and Minister of the Interior for his constant support. Our appreciation also extends to Sheikh Abdullah Bin Saud Al-Thani, the Governor of Qatar Central Bank 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 also like 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.” -- Tradearabia News Service