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ÃÎÈÇÑ ÇáÃæáì
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F.F.C.: Financial Results Reflect Distinguished Performance and Success in Strategic
Plan Implementation |
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Q.R. 139.000.000 Net Revenue in 9 Months |
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In a press conference held at the headquarters of the Company on Tuesday 28/10/2008,
Dr. Khalid Ibn Ibrahim al-Sulaiti, the Executive President of F.F.C., stated that:
“The financial results of the 3rd quarter of 2008 demonstrated a record performance
(adaa Qiasi) and strong development rates, which, in turn, reflects harmony with
the Company’s strategic plan.” The conference was attended by Mr. Tawfiq Nabil ‘Abdul
‘Aal, the chairman of the Financial Control Department, Mr. ‘Aamer Taha Shukri,
the vice-chairman of the Financial Control Department, and Mr. Hamad Ahmad al-Muhannadi,
the Manager of the Administrative Affairs.
Dr. al-Sulaiti clarified that: “F.F.C. has realized record profits at the end of
the 3rd quarter of 2008. The profits amounted to Q.R. 139.000.000 compared to Q.R.
74 .000.000 for the same period of the previous year, i.e. with a surplus of Q.R.
65.000.000 and 87% as a growth rate. The basic yield rate per share reached Q.R.3,
12 compared to Q.R.2, 10 for the same period of the previous year. Return on capital
amounted to Q.R. 27% while it was 21% for the same period of the previous year.”
He added that: “The Company’s profits during this period reflect the volume of positive
developments in its activities as well as big extension of finance and investment
operations. This, in turn, constitutes additional revenues to the Company, which,
by Allah’s Favor, help it to have continuous success and distinguished performance.” |
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Dr. Khaled Al Sulaiti - CEO |
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In the same context, “The Company’s future plans are represented in the realization
of a dual strategy that concentrates on : (1) meeting customers’ needs in the present
global] circumstances, and (2) developing and diversifying investments and their
returns via First Investment Co., a company completely owned by FF.F.C.,” al-Sulaiti
explained.
As for finance portfolio of the Company’s customers, it totaled Q.R. 2.2 billion
net compared to Q.R.1.4 billion for the same period of the previous year, i.e. with
a surplus of Q.R. 8 million and 57% growth rate.
The Company’s total assets amounted to Q.R. 2.80 billion compared to Q.R. 1.70 billion
for the same period of the previous year, i.e. with a surplus of Q.R. 1.10 billion
and 65% growth rate. Return on assets was 5% compared to 4.4% for the same period
of the previous year.
The stockholders’ equity reached Q.R. 928 million compared to Q.R.
572 million for
the same period of the previous year, i.e. with a surplus of Q.R.356 million and
62% growth rate. Return on the stockholders’ equity reached 15% upon 13% for the
same period of last year.
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As for the “portfolio of receiving finance” from banks and financial firms, it amounted
to Q.R. 1.70 billion compared to Q.R. 1.10 billion for the same period of the previous
year, i.e. with a surplus of Q.R.600 million and 55% growth rate.
Dr. al-Sulaiti said: “Attained financial results supported the Company’s credit
classification with “Capital Intelligence Company”, a global specialized firm in
financial services. So, the Company’s firm rank at BB helped it to gain a + Classification.
Dr. al-Sulaiti concluded the press conference saying: “The success of F.F.C. is
thanks to Allah, The Exalted, first, and then its deep-rooted commitment to Islamic
Economy. Furthermore, the Company keeps pace with development, innovation, extension
and implementation of the strategic plan, which was approved by the Chairman of
the Board Mr. Ghanim Ibn Sa‘ad al-S‘ad, in addition to prompt efforts of Mr.’Ali
Ahmad al-Zabeed, the Company’s Managing Director.
As a result, F.F.C. takes care of the Qatari Society’s interest. That is why
it adopts the Qatarization program in order to increase the proportion of Qatari
nationals, especially the senior staff, to be among the leading firms that gain
this honor. The Company also renders a set of social services to its clientele,
locals and expatriates. These services include health and education programs. They
are offered by means of a number of selected providers without any additional charge,
but the providers grant commission to F.F.C. Such services aim at decreasing burdens
of life among people living in our beloved country under the present wise leadership. |
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Annual Report |
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Weather Index: Doha, Qatar
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37 °C |
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USD |
0.12 |
QR |
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EUR |
4.63 |
QR |
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GBP |
0.47 |
QR |
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SAR |
1.08 |
QR |
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AED |
0.99 |
QR |
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BHD |
9.68 |
QR |
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