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Monday, March 20, 2023

"Qamco" It distributes a dividend of 9%.

Qatar Aluminum Manufacturing Company "Qamco" The Ordinary General Assembly meeting of shareholders, yesterday in Al Rayyan Hall, Sheraton Hotel, where the agenda items for the Ordinary General Assembly meeting were approved: The Chairman of the Board of Directors’ speech regarding the fiscal year ending on December 31, 2022 was heard, and the Board of Directors’ report on the company’s activity and performance was approved. The financial statements for the fiscal year ending on December 31, 2022. The report of the company’s auditor regarding the company’s financial statements for the fiscal year ending on December 31, 2022 was approved. The company’s financial statements for the fiscal year ending on December 31, 2022 were approved. The corporate governance report for the year 2022 was approved The Board of Directors’ proposal regarding the distribution of cash dividends to shareholders for the year 2022 was approved at 0.09 Qatari riyals per share, representing 9% of the share’s nominal value. The members of the Board of Directors of the company have been absolved from liability for their actions during the fiscal year ending on December 31, 2022, and their remuneration has been determined. PricewaterhouseCoopers has been appointed as the company’s auditors for the financial year ending 31 December 2023 and their fees are determined. Abdul Rahman Ahmed Al Shaibi, Chairman of the Board of Directors of the company, said: The global aluminum industry sector witnessed challenges during the year 2022, and conditions remained unstable at the macroeconomic level, which in turn resulted in fluctuations in primary aluminum prices. However, the joint venture, through its continuous programs in cost optimization, safety, sustainability and operational excellence, contributed to overcoming challenges and achieving the company’s goal of achieving added value for shareholders. Adding: Qamco and its joint venture will continue to invest in environmental projects aimed at achieving optimal management of natural resources and their efficient use and reducing gas emissions, liquid waste and waste. These projects include recycling wastewater from operations and reducing carbon dioxide emissions. These efforts resulted in the joint venture receiving the Aluminum Stewardship Initiative Certificate in 2022 for Performance 2021, a significant achievement that demonstrates the company’s long-term commitment to ethical and sustainable practices. Our joint venture’s efforts have never ceased to reduce the impact of its business activities on the environment through the implementation of many strategies. Our financing strategy at the level of the joint venture will continue to support our continuous march towards reducing the level of debt by taking the necessary measures through the policy of saving and repayment and moving forward with cost rationalization programs, which will mitigate the impact of market fluctuations on financial performance.

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