Press Releases

Al Hassan Engineering Co. SAOG holds Annual General Meeting (29 March 2011)

Revenues at RO 60 mn, Net Profit Before Tax at RO 3.4 mn, 15% dividend

Muscat, Oman - The annual general meeting (AGM) of Al Hassan Engineering Co. SAOG (AHEC), the leading Engineering, Procurement and Construction (EPC) Company in the Sultanate, yesterday approved a 15 per cent dividend for the financial year ended December 31, 2010.

Chairman of AHEC, Mr Hassan bin Ali Salman, commenting on the strong 2010 results of the company said, "Al Hassan’s focus on delivering consistent and sustainable growth through its existing operations has resulted in a strong performance for 2010. AHEC increased its revenues by 11% from RO 54 million to RO 60 million and increased its net profit before tax by 13% from RO 3 million to RO 3.4 million."

The AGM was held on 28th March 2011 at Haffa House Hotel, Muscat. The meeting was chaired by Mr Hassan bin Ali Salman and was attended by other Directors and senior management members of the company as well as the Statutory Auditors and representative of Capital Market Authority and Legal Advisors.

Apart from other legal requirements, the main agenda for the meeting was to adopt the audited financials for the year 2010 and confirm the dividend proposed by the Board of Directors. The audited financials were approved and the proposed dividend of 15% was confirmed by the shareholders. Eng. Salim bin Said bin Issa Al Ghatami and Mr. Ali bin Mohammed Juma were elected as new members of the Board of Directors.

Mr Salman mentioned that for 2011, AHEC will continue and progress the growth strategy developed and being implemented since 2008 including the utilization of its considerable experience and expertise with further concerted efforts in securing EPC contracts by forging strategic alliances, further development of international business into related areas within the region and improvement of competitive position and profitability through cost reduction and operational improvement initiatives.

Mr. Salman added, "The board of directors is deeply grateful to His Majesty Sultan Qaboos bin Said for his vision and guidance, which steered the country along the path of growth and prosperity during the last 40 years."

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