Al-Riyada Finance & Investment Net profits grew by 34% in 2015, Earnings per share stood at 7.3 fils
Al-Riyada Finance & investment posted a 34% growth in profits during 2015. Net income stood at KWD 1.09 mn ( PS 7.9 fils) compared to KWD 0.8 mn (EPS 5.4 fils) in 2014. While the cumulative return on equity stood at 40% since inception of the company in 2008.
During the annual general meeting which was attended by all shareholders, Mr. Muhannad Al Sane announced that “ Al-Riyada” is moving forward with its strategic plan to diversify its sources of income through several business segments which includes; reaping profits from existing real estate investments chosen to appeal to a wide consumer base. Other segments include revenues from Islamic financing and consultant fees.
“ Al-Sane” also mentioned that “ Al Riyada” have solid financials and has focused on self-financing for its strategic real estate projects in order to enhance its owners’ equity.
As the governance law comes into effect for all companies under the supervision of the Capital Markets Authority “CMA” “ Al-Sane” announced that “ Al Riyada” today completed 95% of the requirements.
The general assembly approved all items on the agenda for 2015 fiscal year and decided not to distribute dividends. Moreover the new board was elected and it consists of Mr. Muhannad Mohammed Al Sane as chairman of the board, Mr. Nasser Saad Al Otaibi as Vice Chairman of the board, Mr. Thamer Al Osaimi, Mr. Talal Sultan Al Shehab and Ghassan Khalifa Al-Waqayan as members of the board.