Sohar International hosted the extraordinary general meeting (EGM) and the annual general meeting (AGM) for the year 2019 via the electronic general meeting platform of the Muscat Clearing and Depository (MCD), in which shareholders approved a cash dividend of 3 per cent of share capital (3 baizas per share) and bonus shares of 3 per cent of share capital (3 shares for every 100 shares held).
The annual dividend pay-out and other important decisions were taken at the AGM held under the chairmanship of Mr. Mohammed Mahfoudh Al Ardhi, Chairman of the Board of Directors alongside Board members, Chief executive Officer, and the Executive Management team and shareholders.
Commenting on the bank’s overall performance, Mohammed Mahfoudh Al Ardhi, Chairman, said, “Sohar International’s momentum continues to propel it forward amidst challenging conditions. The vision set forth for the organisation has been validated by the overall performance of the bank aimed at generating sustainable value and long-term benefits to the stakeholders, community, and the nation at large, complimenting the government’s agenda to achieve Oman Vision 2040.”
Commenting on the successful outcomes of the EGM and AGM, Ahmed Al Musalmi, Chief Executive Officer of Sohar International, said: “”“The year financial results for 2019 are a testament of the compelling value propositions offered by Sohar International (SI), and the progress we have been making on our strategic agenda towards realizing our vision of becoming a world-leading Omani service company that helps customers, communities and people to prosper and grow. Promoting the spirit of ‘winning’, the Bank has achieved market leading performance, reflecting SI’s growing strengths in its competitiveness in line with it’s long term strategy. We thank our valued customers, Board of Directors, regulators and shareholders for their continued support.”
At the EGM, shareholders approved the amendment of the Bank’s articles of association in accordance with the provisions of the Commercial Companies Law promulgated by Royal Decree no. 18/2019. The AGM approved the Directors’ Report, Corporate Governance Report, Board Performance Report, Auditor’s Report, and financial statements for the year ended December 31, 2019.
In addition, the AGM approved the statutory auditors for the financial year ending December 31, 2020, as well as the appointment of a Shari’a Audit Committee for Sohar Islamic, the Islamic banking window of the Bank.
Besides reviewing the corporate social responsibility (CSR) engagements and donations carried out throughout 2019, the Bank’s shareholders also approved a generous OMR 1,000,000 contribution towards the national efforts to mitigate the social and economic impact of the novel coronavirus (COVID-19) pandemic, along with other budget proposals for CSR and charitable activities in 2020.
It is important to note that the Bank recorded significant growth in net profit for the year ending December 31, 2019, amounting to RO 34.406 million, representing an increase of 17.2 per cent compared to the previous year. Outperforming the overall banking sector, the surge in profit reflected the Bank’s strong capabilities in navigating local, regional and international economic headwinds.