Qatar and Oman Investment Company held a regular general assembly meeting headed by Mr. Khaled Sultan Al -Rabban, Chairman of the Board of Directors and in the presence of the members of the Board of Directors, where the annual report of 2024 was reviewed, and the company’s future plan.
Mr. Khaled Sultan Al -Rabban explained that the march that the company started since 2008 by investing its capital in Qatar and the Sultanate of Oman in vital sectors such as industry, real estate and stocks, stressing that the new board of directors assumed responsibility for leading the company since 2024.
He also stressed that there are bold decisions for re -evaluation and they reflect a firm strategic commitment to build a healthy and solid financial base for the company, which represents a necessary step to pave the way towards a new stage of sustainable growth and a realistic basis to evaluate the current investment portfolio, and that the evaluation process is still ongoing and the company may witness more amendments to fair values during the half of 2025.
He stated that the company announced its financial results for the year ending December 31, 2024, which showed a net loss of 55.97 million riyals, and explained that this loss reflects the application of a more conservative and transparent policy in assessing investments in line with international standards of financial reports.
In light of these losses, the Board of Directors submitted a recommendation to the company’s general assembly regarding the failure to distribute profits to shareholders for this year.
The Board of Directors affirmed its full understanding of the aspirations of the esteemed shareholders to obtain returns on their investments, stressing that this difficult decision comes in the context of our full keenness to strengthen the financial position of the company and strengthen it to face the current challenges
The captain indicated that the Board of Directors took an important strategic step in 2024 with a comprehensive restructuring of the company and accurate evaluation of existing investments according to the requirements of the accounting standard, as this ambitious step aims to draw new and sustainable strategies to improve revenues and enhance the company’s financial performance.
However, what has been accomplished so far represents an actual and serious move towards comprehensive correction and updating the mechanisms of investment decision -making in the company, which is a necessary step to ensure the highest levels of transparency and restore investor confidence in the company, and it was not just a routine accounting but rather the beginning of a new stage in the history of the company characterized by financial discipline and enhancing the mechanisms of governance and realism in dealing with assets and investments
He added that the company is currently working hard to overcome these exceptional circumstances, achieve a tangible improvement in the company’s performance, improve operational efficiency, and work to study new investment opportunities with higher efficiency and profitability, with a special focus on sectors that achieve positive cash flows and real added value for shareholders.
