Al Qudra Holding posts AED264 million profit

ABU DHABI / Emirates Business

Al Qudra Holding PJSC held its annual general meeting recently, and presented its 2016 full activity report for the financial year ending December 31, 2016. Following the meeting Al Qudra Holding announced that the company achieved great results on all levels.
The AGM’s quorum was complete, a new Board of Directors of five executives was voted by acclamation following the discussion of the financial and administrative report of the company. The board is headed by H.E. Mohamed Bin Thaaloob Al Derei, Chairman, Khalifa Yousef Khoury as Vice-Chairman, and Ahmed Mohsen Mahfouz, Salem Rashed Al Niyadi and Khalid Al Muhairi as Board members, incorporating required national capabilities and expertise based on long-term experiences within various fields of investments.
H.E. Khalifa Yousef Khouri, Vice Chairman of Al Qudra Holding said: “Al Qudra Holding, and for the fifth year running, recorded an increase in net operational profit, with a growth from AED206 million in 2015 to AED 264 million in 2016. This growth is a testament to our commitment to remain a preferred investment partner as we continue to steadily work towards our objectives.”
The company achieved total revenue of approximately AED1 billion in 2016 and maintained a high profit margin of 39%, increasing the company’s profit to AED264 million in 2016. The increase in profitability reflected on the net profit per share, which surged from 34.4 fils per share in 2015 to 43.9 fils per share in 2016.
The shareholders also agreed on the acquisition of Al Rayan Investment Company P.J.S.C. through a swap of shares transaction worth more than AED1 billion, by agreeing to increase the paid-up capital of Al Qudra Holding through the issuance of 210.4 million new shares. The subscription for the new shares will begin on May 1-30.
The operation will be led by the Department of Finance and the Investments funds of First Abu Dhabi Bank, which is appointed by both companies as an official shareholder registrar.

Following the acquisition, Al Rayan Investment Company P.J.S.C. becomes a subsidiary of Al Qudra Holding P.J.S.C, and its shareholders will be added to Al Qudra’s shareholders’ register. Upon the completion of the transaction, Al Qudra Holding Total Assets will increase to approximately AED 4 billion. This strategic plan is set to benefit the shareholders and increase the company’s revenues earned from diversified and sustainable sources.
In further execution to the shareholders’ decision during last year Annual General Meeting, the company initiated the issuance of convertible bonds of AED250 million with guaranteed annual coupon to be listed on Abu Dhabi Security Market (ADSM). The shareholders’ further approved during this year Annual General Meeting the listing of Al Qudra Holding shares on the Abu Dhabi Securities Secondary Market and authorized the Board of Directors to do so, in accordance to the applied standards and procedures, enabling company’s shares to be traded in an orderly and transparent manner to reflect the fair value of the shares that are on high demand.
During the meeting, the Board of Directors of Al Qudra Holding P.J.S.C. announced the newly launched projects during 2016, including The Traditional Souq Project, Al Sadu Towers Project, Barary Ain Al Fayda Project, Kasr Al-Bahr Hotel in Rabat, Morocco, and other significant projects.
According to the Board, Al Qudra Holding will continue to support investment and development initiatives by launching new projects with the purpose of contributing to marking a strong global positioning for the Capital and the country on the global map. The company has witnessed significant successes and will be complemented by the completion of multiple projects in the years to come.
The shareholders expressed their satisfaction on the overall foundation and standards set by the board to achieve better operational results in 2017 and thereby satisfying the shareholders’ and our beloved Emirates’ aspirations.