Press Releases

20 October 2009

Results of Salam International Board of Directors' Meeting held on 20/10/2009

The Board of Directors (BOD) of Salam International Investment Limited (SIIL) held its Ordinary 68th meeting on Tuesday, 20/10/2009 and passed the following resolutions:

First: - Third Quarter Financial Results:

BOD approved the interim consolidated financial statements for the period ending on 30/09/2009, which showed a net profit around QR 91.9 million compared to a net profit around QR 128.4 million for the same period in 2008. Consequently, earnings per share reached QR 0.93 compared to QR 1.30 on 30/09/2008.

However, Gross profit increased from around QR 343 million for the period ended 30/09/2008 to around QR 373 million for the same period in 2009, which shows an increase by around 8.8%. Moreover, General & amnistrative expemsees droped from QR 137.9 m to QR 122.4 m same periode.

It’s worth mentioning that the main reason behind the net profit decreasing was the decrease in investments income from around QR 101.4 million on 30/09/2008 to around QR 47.9 million for the same period in 2009.

Bearing in mind, SIIL activities and operating profits in Qatar witnessed a significant growth; however the world economic and financial crisis had a considerable impact on the company’s operation in territories outside Qatar which led to decrease in investments and operational revenues.

Second: Corporate Governance Code (CG)

In accordance with SIIL legacy in corporate governance, transparency, disclosure and equal opportunities, BOD approved voluntarily, to gradually implement the Corporate Governance Code issued by Qatar Financial Market Authority (QFMA).

In addition, the Board approved to form a Corporate Governance Committee (CGC) in order to peruse the code and prepare its implementation requirements to ensure compliance with the code provisions.

Moreover, the BOD approved appointment of a compliance officer to coordinate and follow up with QFMA and Qatar Stock Exchange.

Further more, the BOD instructed both CGC and the compliance officer to submit periodical progress reports regarding CG implementation status.

Dr.Adnan Steitieh
Sectary of the Board