Al-Riyada Finance & Investment Co. General Assembly Approves Agenda
Al-Riyada Finance & Investment Co. KSC (Closed) ordinary general assembly held its third meeting on Wednesday 8/6/2011 in presence of full quorum, chaired by the company’s chairman and managing director Mohannad Mohammed Al-Sane at the company’s head office.
The company’s chairman and managing director Mr. Mohannad Al-Sane emphasized that the meeting comprised reviewing, discussion and approval of auditors’ report, board report for the year 2010, balance sheet, and statement of profit and loss for the second financial year ended 31/12/2010 as well as the quittance of the board members for the year 2010.
It is worth mentioning that Al-Riyada Finance & Investment Co. was established as a Kuwaiti Shareholding company – Closed on 16th July 2008 to finance and manage funds and portfolios and conduct investment activities as per Sharia regulations with a KD 15 Million capital.
Mr. Mohannad Al-Sane, Chairman & Managing Director - Al-Riyada Finance & Investment Co., announced that the company has posted an increase in its net profit for the financial year ended 31/12/2010 by 594.30 % to reach KD 1.244 Million compared to KD 179,000 thousand for the year 2009. Shareholders equity approximated 16.5 Million for the year 2010 compared to KD 15.179 in 2009. Share profitability approximated 1.2 Fils in 2009.