Press Releases

Al Hassan Engineering holds Annual General Meeting (26 Mar 09)

Muscat, Oman - Dy. Chairman & Managing Director of Al Hassan Engineering Co. SAOG, Mr Maqbool Ali Salman, commenting on the strong 2008 results of the company at its Annual General Meeting said, "Al Hassan's focus on delivering consistent and sustainable growth through its existing operations has resulted in a strong performance for the 2008. AHEC increased its revenues by 28% from RO 35 million to RO 45 million and attained a net profit of RO 2 million."

The AGM was held on 25th March 2009 at Haffa House Hotel, Muscat. The meeting was chaired by Mr Maqbool Ali Salman and was attended by other Directors and senior management members of the company as well as the Statutory Auditors. Members from Capital Market Authority were also present during the meeting as representatives of the Regulative Authority.

Apart from other legal requirements, the main agenda for the meeting was to adopt the audited financials for the year 2008 and confirm the dividend proposed by the Board of Directors. The audited financials were approved and the proposed dividend of 12 % was confirmed by the shareholders.

Mr Salman reiterated that for 2009, AHEC will continue and progress the growth strategy implemented during 2008 including the utilization of its considerable experience and expertise with further concerted efforts in securing contracts for complete Engineering, Procurement and Construction (EPC) solutions, focussed business development activities in higher margin contracts, further development of international business into related areas within the UAE and improvement of competitive position through cost reduction initiatives and improved procurement strategies.

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