Al-Riyada Finance & Investment Company achieved good financial performance in 2014, with a net profit of KD 808,459 (5.4 fils per share) compared with a net profit of KD 2,101,290 million (14 fils per share) in the previous year. The company book value reached 133 fils per share as of 31 December 2014, while the cumulative rate of return on equity posted a growth of 33% since inception in 2008.
Mr. Muhannad Al- Sanee, Chairman & CEO, pointed out during the ordinary and extraordinary General Assembly which was held the day before yesterday and achieved an attendance rate of 100% "Al-Riyada is always looking forward to diversify It's income " where he explained that the good profits generated this year resulted from collecting the dividends of successful investment profits over the past years, in addition to returns generated from Islamic finance and shares in joint ventures profits and consultancy fees.
Unveiling "Al-Riyada" plan for the upcoming year, Mr. Al Sanee said " We are mainly focusing on finance real estate projects with feasible returns which Al-Riyada is heading for investing in, aiming to enhance our returns and to diversify Al-Riyada's income ". Al Sane added "Al-Riyada enjoys a solid financial position, it also focused since inception on self financing its strategic investments aiming to achieve good return on shareholders’ equity".
Al-Riyada General Assembly approved all the articles on AGM agenda for the financial year ending on 31 December 2014. The AGM approved no dividends distribution, were also approved during the extraordinary General Assembly on the amendment of article number (5) of the Memorandum Association and Article number (4) of Al-Riyada Finance & Investment Statute by adding brokerage activity in purchasing and selling stocks against commission for third parties and by adding investment monitor activity. Once obtaining the final consent of CMA for these activities, Al-Riyada would have got all seven licenses required by the Capital Markets Authority.