Salam s Net Profit Up 13% in 2011

Doha, January 24 (QNA) - SALAM International Investment Limited (SIIL) has announced QR 159.6 million profits for 2011, which marks a 13 percent rise over the previous year, at the 90th ordinary meeting of the company in Doha. Announcing the preliminary financial results for the year, the company said the equity holders stake rose from QR140.3 million in 2010 to QR158.9 million in 2011, registering a growth of 14 percent, while the earnings per share increased by the same percentage to QR1.53 in 2011 from QR 1.35 attained over the same period in 2010. The profit amount was arrived at after deducting the management bonuses, the company s board members incentives as well as provision for impairment in certain SIIL investments value, according to the company release. The board also proposed a profit distribution corresponding to 20 percent of the company s capital vis-?-vis 10 percent worth of cash profit, equivalent to QR1 for each share and 10 percent worth of bonus shares, equivalent to one share for each 10 shares. The results would be finally approved by the company s shareholders at a general meeting on February 19. The board also resolved to the formation of a special committee for the candidature to the board membership. The committee will consist of three independent members as per the principles of the Corporate Governance Code issued by Qatar Financial Markets Authorities, the release added.(QNA)