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FFC Strategic Plan Comes True |
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In a press conference held in FFC headquarters on 07/08/2008, Dr. Khalid Bin Ibrahim al-Sulaity, the FFC Executive President, stated that results of the first
half of the fiscal year 2008 demonstrated high rates of development and an
excellent performance that corresponded with the Company’s strategic plan.
As a matter of fact, the Company has been adopting reserved control and credit policies via comprehensive strategic plan that conforms with the requirements and instructions of Qatar Central Bank and Control Authorities.
That is why the Company has established a special credit system via forming
a credit committee consisting of the Company’s senior staff in order to study and examine each and every application for credit facilities so as to help its clientele avoid any financial difficulties and to improve finance portfolio depending on selecting good customers and taking suitable decisions that take the interests of the Company and clientele into consideration.
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Dr. Khalid (middle) Mr. Muhammad al-Naser (Right) and ‘Amer Taha (left) |
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Dr. al-Sulaity also stated that: ‘FFC gained Q.R 69,30 million in the first half of the current year 2008 while its returns for the same period of the previous year amounted to Q.R.38,40 million, i.e. the it gained Q.R.30,90 with 80% as a development rate. This means that the return on share is Q.R. 1, 66 whereas it was Q.R.1, 09 for the same period of the previous year.’
It is worth mentioning that the above-indicated revenues resulted from the Company’s operational activities totaled 90% of the returns, since such
a kind of revenues gives the Company the ability to run stable business.
To make things clear for those who are interested in financial statements, Mr. ‘Amer Taha Shukry, the Vice –Director of the Financial Affairs, stated that : ‘ The issue of selling (Investment Shares and profits) of Ta’meer Investment Co. in Oman was officially stated in press and DSM Site on 29/07/2008, and the profits will be announced in the financial statements of the second half of this year 2008, but at now we are examining the financial statements of the first half of the current year 2008.’
As for the finance portfolio, it amounted to Q.R. 2, 00 billion compared with Q.R.1, 3 billion for the previous year- with a 54% development rate, i.e. the surplus was Q.R. 700 million.
The assets of the Company, they amounted to Q.R. 2, 26 billion in the first half of the current year 2008 whereas they were Q.R. 1, 46 billion last year, i.e. the surplus was Q.R. 1, 10 billion and the development rate was 75%.
The shareholders’ equities, they amounted to Q.R. 859 million for the first half of the current year while they reached Q.R 507 for the same period of the previous year, i.e. the surplus was Q.R.352 million resulting from distributing free shares at the end of the previous year 2007 as well as the increase of the shareholders’ equity as in March 2008.The development rate was 70%.
The net revenues of financing portfolio by banks and financial institutions, they reached Q.R. 1, 1 billion in the first half of the current year 2008 while they reached Q.R. 622 million for the same period last year, i.e. the surplus was Q.R. 478 million with a 77% development rate. The increase resulted from getting financed operations whose value amounted to Q.R.303 million. This, in fact, reflects the mutual trust among all parties conducting such a business.
Here, it is our pleasure to point out that : ‘ FFC could occupy such an advanced position among finance companies in our Beloved State due to good planning, recognizing of the market’s needs and the clientele’s aspirations, in addition to the Company’s distinguished rank among customers, adherence to the business-related Islamic teachings] and honoring all participating parties’ interests.
As a result of the above-explained points, FFC takes into consideration the Qatari Society interest. So, it has taken practical steps towards granting the first and best opportunities to Qataris in recruitment. At the same time, the Company offers its quality services in the fields of health, education and other essential services to the society, both for locals and expatriates, without any extra charges over the basic value. The Company has been carrying out such fruitful work via mutual cooperation with other service firms so as to avoid its customers shouldering more burdens. This policy conforms with the general policies of the well-guided government of Qatar.
In the same context, we are to highly appreciate the government’s trust for granting license to establish “ First Investment Co”, 100% owned by FFC, via Qatar Central Bank to run a business with a capital amounted to Q.R. half billion, of which only Q.R. 150 million was prepaid
The press was attended by]:
Dr. Khalid Ibrahim al-Sulaity, the Executive President.
Mr. ‘Amer Taha Shukry, the Vice-Director of Financial Affairs.
Mr. Muhammad al-Naser, the Assistant Director of IT.
Mr. Jassim Ma‘roof, the Director of Marketing and Development.
Mr. Muhammad Mustafa al-Hamad, the Assistant Director of Facilities.
Mr. Rabee‘ ‘Aitany, the Media Supervisor. |
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التقرير السنوي |
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مؤشر الطقس: الدوحة، قطر
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