Al-Riyada Finance & Investment Co achieves superior financial performance in 2013
Al-Riyada Finance & Investment Co achieved superior financial performance in 2013, with a net profit of KD 2,101,290 million (14 fils per share) compared with a net profit of KD 300,299 thousands (2 fils per share) in the previous year. The company’s book value reached 127 fils per share as of 31 December 2013, while the cumulative rate of return on equity posted a growth of 27% since inception in 2008.
Mr. Muhannad Alsane, Chairman and Managing Director said in the Annual General Assembly which achieved an attendance rate of 94% “The superior profits generated this year resulted from selling our stake in Al-Liwan Mall and Divonne Dinning Complex with a total value of KD 40 million, achieving 28% returns on the total invested amount, in addition to returns generated from Islamic finance mandates and shares in joint ventures profits.
Unveiling “Al-Riyada” plans for the upcoming year, Mr. Alsane said “After a thorough market research and following an opportunistic approach, we identified many attractive investment opportunities to inject the liquidity generated from last year’s exiting activities. We are mainly focusing on real estate projects with feasible returns, aiming to enhance our returns, and diversify Al-Riyada’s income structure.”
Alsane added “Al-Riyada enjoys a solid financial position, and it focused in the past on self-financing its strategic real estate projects aiming to achieve good returns on shareholders equity.”
Al-Riyada General Assembly approved all articles on AGM agenda for the financial year ending on 31 December 2013. The AGM recommends no cash dividends.