4 Aug 2015
4 May 2015
12 Apr 2015
13 Mar 2015
1 Mar 2015
24 Mar 2015
31 Mar 2015
31 Mar 2015
4 Feb 2015 UNAUDITED ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31st DECEMBER 2014
 
 
Unaudited Financial Results - Six months ended 30th June 2015

In compliance with Disclosure of Financial Statements , Dhofar International Development & Investment Holding Co. SAOG is pleased to report the unaudited financial results for the period of six months ended 30th June 2015 as under:

 

 

Parent

Consolidated

30/06/2015

RO

30/06/2014

RO

30/06/2015

RO

30/06/2014

RO

Total Revenue

6,310,331

10,120,220

3,248,093

3,556,540

Total Expenses

(2,303,087)

(2,072,451)

(3,214,901)

(2,841,516)

Share of profit from associates

-

-

7,695,848

7,084,763

Change in fair value of financial assets at fair value through profit & loss

(89,246)

386,515

(194,170)

466,618

Net profit 

3,917,998

8,434,284

7,534,870

8,266,405

Financial Position

30/06/2015

RO

31/12/2014

RO

30/06/2015

RO

31/12/2014

RO

Share Capital

24,640,000

22,000,000

24,640,000

22,000,000

Total Assets

259,915,055

270,290,760

245,099,815

230,276,443

Shareholders’ equity

141,286,722

154,677,583

113,379,596

108,739,597

Net assets per share

0.573

0.703

0.460

0.494

 Note:-

These results are subject to review and approval by Audit Committee / Board of  Directors .After approval complete financial statements shall be upload at MSM / Company Website

Unaudited Financial Results - Three months ended 31st March 2015

In compliance with Disclosure of Financial Statements , Dhofar International Development & Investment Holding Co. SAOG is pleased to report the unaudited financial results for the period of three months ended 31st March 2015 as under:

 

 

Parent

Consolidated

31/03/2015

RO

31/03/2014

RO

31/03/2015

RO

31/03/2014

RO

Total Revenue

3,998,490

7,279,960

1,252,367

2,072,146

Total Expenses

(1,159,825)

(1,033,596)

(1,621,687)

(1,426,884)

Share of profit from associates

-

-

3,958,496

3,905,284

Change in fair value of financial assets at fair value through profit & loss

(572,805)

85,884

-

108,983

Net profit 

2,265,860

6,332,248

3,589,176

4,659,529

Financial Position

31/03/2015

RO

31/12/2014

RO

31/03/2015

RO

31/12/2014

RO

Share Capital

24,640,000

22,000,000

24,640,000

22,000,000

Total Assets

264,931,679

270,290,760

239,841,948

230,276,443

Shareholders’ equity

143,289,654

154,677,583

108,441,010

108,739,597

Net assets per share

0.582

0.703

0.440

0.494

 

Note:-

These results are subject to review and approval by Audit Committee / Board of  Directors .After approval complete financial statements shall be upload at MSM / Company Website

DIVIDEND PAYMENT

Dhofar International Development & Investment Holding Company SAOG is pleased to announce the distribution of 18% cash dividend ( 18 Baisa per share ) for the  financial year ended 31 December 2014 as approved at the Annual General Meeting held on 30th March 2015.

 

All the shareholders or their representative are kindly requested to collect their dividend warrants from the company's Head Office located at 23rd July street – Salalah – DIDIC Building 3rd floor during office hours from 13thApril to 16thApril2015. Shareholders are requested to bring their ID card or an authorization letter to collect the warrant.

 

All uncollected dividend warrants will be posted by mail after 16th April 2015 .

 

The company will transfer unclaimed dividend after on period of six month to Investor's Trust Fund with Muscat Depository & Securities Registration Company .

 

For any inquiries  please contact with us :

Tel :  23295400 / 23295401 – Fax  23291500

Invitation to the Annual General Meeting

The Board of Directors of Dhofar International Development & Investment Holding SAOG is pleased to invite all shareholders of the Company to attend the Annual General Meeting which scheduled to be held at 5.00 PM on Monday, 30th  March 2015 at Hamdan Plaza Hotel Salalah to consider the following agenda:

 

  1. To consider and approve the Report of the Board of Directors for the financial year ended by 31st   December 2014.

  2. To consider and approve the Corporate Governance Report for the financial year ended by 31st  December 2014.

  3. To consider the Auditors’ Report and approve the Financial Statements (Financial Position Statement & comprehensive Income Statement)  for the year ended 31 December 2014.

  4. To consider and approve a proposal of 18% cash dividend of the paid up capital  at the rate of 18 baizas per share (the share nominal value is 100 baizas).

  5. To consider and approve a proposal of 12% stock dividend of the capital at the rate of 12 shares for each 100 shares. Resultant of foregoing spread, the number of the company capital’s shares will increase from 220,000,000 shares to 246,400,000 shares.

  6. To ratify the payment of sitting fees for Board and Committees’ Meeting during the year 2014 and to determine the sitting fees for the financial year 2015 (pursuant to attached).

  7. To approve the payment of Board Remuneration of RO.132,700 for the financial year ended 31/12/2014.

  8. To notify the shareholders with related party transactions entered during the financial year ended by 31 December 2014 (pursuant to attached).

  9. To approve the related party transactions to be entered during the current financial year ending on 31 December 2015 (pursuant to attached).

  10. To notify the AGM with the donations paid to various charitable organizations during the financial year 2014  (pursuant to attached).

  11. To consider the proposal to authorize the Board to set aside RO 150,000 to be paid to charitable organizations during the financial year 2015.

  12. To elect new Members of the Board from amongst shareholders or non-shareholders. Any person who wishes to be nominated to the Board of Directors of the Company is required to fill in a Director’s Nomination Form. Such a form can be obtained from the Company. The completed Form should be submitted to the Company at least two working days prior to the date of the AGM of the Company (by the end of working hours on Wednesday 25th March 2015). The Company will not accept any application received after this date. If the candidate from shareholders, he should own a number of shares not less than (50,000) shares at the date of the AGM in accordance with company’s Articles of Association

  13. To appoint Auditors for the financial year ending on 31st  December 2015 and determine their fees.

     

    Pursuant to the Company’s Articles of Association, every shareholder has the right to authorize in writing any other person to attend the meeting and vote on the decisions taken on his behalf provided that such authorization should be on the authorization card issued from Muscat Clearing and Depository Co., attached with the invitation. If the authorized person is Omani citizen , he should attach copy of his ID with the authorization letter for the adults and passport for ladies and minors who do not have ID, residence card or passport for non-Omani. For legal entities the proxy form should be stamped and signed by an authorized signatory of the legal entity and the commercial registration and list of authorized signatories should be attached along with proxy form

    To prevent delay in starting the meeting shareholders are requested to arrive about half an hour before the scheduled meeting time.

     

    For further information please contact the administrative manager on telephone number 23295400.

     

    Notice: Joint stock companies must deposit the dividend amount due to investors that remains uncollected after the expiry of six months from the due date, into the Investors’ Trust Fund. Please note that each shareholder must contact the Muscat Clearing & Depository Company SAOC for any enquiry in respect of any such amounts due to him.

     

         Chairman                                         Auditors                                 Legal Advisor

Approval of audited financial statements and Proposed dividend for 2014

The Board of Directors of Dhofar International Development &Investment Holding SAOG (DIDIH) in their meeting held at 1.00 PM on Sunday 1st  March, 2015 :-

  1. Approved the audited financial statements of the parent Company & the group for the for the year ended 31st December ,2014 .

  2. The Board has also recommended a dividend of 30% of the Paid –up Capital for the year ended 31st December 2014 comprising 18% cash and 12% stock dividend .

This is subject to the approval of  shareholders at the AGM to be held on Monday 30th March , 2015 .

Award of Contract – for the development of the SALALAH 2 IPP

We are pleased to inform that Mitsui led consortium comprising Mitsui & Co.Ltd of Japan , International Company for Water and Power Projects ( ACWA POWER ) and Dhofar International Development & Investment Holding Co. SAOG ( DIDIHC ) has been awarded a contract for the development of the Salalah 2 Independent Power Project .

This investment is part of our new strategic diversified investment plan and the management anticipates that this strategic investment will be of substantial benefit to DIDIHC.

Resolutions Passed in Ordinary Annual General Meeting

The following resolutions were passed in the Ordinary Annual General Meeting held on Monday, 30th  March 2015at 5.00 PM at Hamdan Plaza Hotel Salalah :

 

1

Approved the Report of the Board of Directors for the financial year ended  31st   December 2014.

2

Approved the Corporate Governance Report for the financial year ended  31st December 2014.

3

Approved the auditor’s  report and the audited Financial Statements  for the year ended  31 December 2014

4

Approved the proposed cash dividend of 18% of the paid up capital at the rate of 18 baizas per share (the share nominal value is 100 baizas).

5

Approved the proposed stock dividend of 12% of the capital at the rate of 12 shares for each 100 shares. As a result , the number of the shares will increase from 220,000,000 shares to 246,400,000 shares.

6

Ratified the payment of sitting fees for the Board and Committees’ Meeting during the year 2014 and ratified the determination of the sitting fees for the financial year 2015.

7

Approved the payment of Board Remuneration of RO.132,700 for the financial year ended  31/12/2014.

8

Approved the related party transactions entered during the financial year ended  31 December 2014.

9

Approved the related party transactions to be entered during the current financial year ending 31 December 2015.

10

Approved the donations paid to various charitable organizations during the financial year 2014 .

11

Approved the proposal to authorize the Board to set aside RO 150,000 to be paid to charitable organizations during the financial year 2015.

12

 

The AGM elected 7 Board  members for the next term 2015 – 2018 , as following :-

 

Sr.

Name

Basis  of  Membership

Capacity of  Membership

1

Sheikh Khalid bin Mustahail Ahmed  Al Mashani

In personal

Non –

Executive

Independent

Non –

Shareholder

2

Mr. Tariq bin Abdulhafidh Salim Al Ujaili

In personal

Executive

Non -Independent

Non –

Shareholder

3

Mr . Ahmed bin Mohamed Salim Al kaaf

Representative

 of civil service employees pension fund

Non –

Executive

Independent

Non –

Shareholder

4

Mr. Salim bin Abdullah Faraj Al Awadi

In personal

Non –

Executive

Independent

Non –

Shareholder

5

Mr. Omar bin Ahmed Abdullah Al Shaikh

In personal

Non –

Executive

Independent

Non –

Shareholder

6

Mr. Faisal bin Mohamed Al – Yousef

Representative of fincorp investment

Non –

Executive

Independent

Non –

Shareholder

7

Sheikh Qais bin Mustahail Ahmed  Al Mashani

In personal

Non –

Executive

Independent

Non –

Shareholder

 

13

Appointed Ernst & Young (EY) as an external auditor for the financial year ending 31st  December 2015 and approved their fees.


Resolution of the first meeting of the new Board of Directors

After the AGM of Dhofar International Development & Investment Holding Co SAOG held on 30th March 2015, the new Board of Directors held its initial meeting and agreed as under :-

 

1-      chairman and vice chairman :-

Sheikh Khalid bin Mustahail  Ahmed Al Mashani

Chairman

Mr. Tariq bin Abdulhafidh  Salim Al Ujaili

Vice chairman

2-      Audit Committee :-

Mr. Omar bin Ahmed Abdullah Al Shaikh

Chairman

   

Mr. Ahmed bin Mohamed Salim Al kaaf

Member

Sheikh Qais bin Mustahail Ahmed  Al Mashani

Member

3-      Investment Committee :-

Sheikh Khalid bin Mustahail  Ahmed Al Mashani

Chairman

Mr. Tariq bin Abdulhafidh  Salim Al Ujaili

Member

Sheikh Qais bin Mustahail Ahmed  Al Mashani

Member

Mr. Faisal bin Mohamed Al – Yousef

Member

Mr. Salim bin Abdullah Faraj Al Awadi

Member

 4-  The appointment of  Mr. Tariq bin Abudulhafidh Salim Al Ujaili as Managing Director was confirmed. 

5-The Board has also appointed Mr. Ali bin Ahmed Salim Al- Mashani  as a Board of Director’s committees secretary and Representative

UNAUDITED ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31st DECEMBER 2014.

In compliance with Articles (3) of Disclosure of Financial Statements, Dhofar International Development & Investment Holding SAOG is pleased to report its unaudited financial results for the year ended 31st December 2014 as under:

 

 

Parent     R.O

Consolidated     R.O

Unaudited

2014

Audited

2013

Unaudited

2014

Audited 2013

Total Income

11,998,959

8,880,609

6,259,057

4,471,942

Total Expenses

(4,384,455)

(3,701,199)

(5,905,808)

(5,385,488)

Impairment of available for sale financial assets

(329,942)

----

(329,942)

---

Change in fair value of financial assets at fair value through P&L

(1,880,754)

1,605,817

(1,986,521)

2,022,398

Share of Profit from associates #

---

----

14,615,314

17,888,590

Provision Income Tax

(55,000)

(177,562)

(55,000)

(177,562)

Net profit for the year

5,348,808

6,607,665

12,597,100

18,819,880

Minority interest

----

----

-

47,293

Profit attributable to equity holders of Parent Company

5,348,808

6,607,665

12,597,100

18,867,173

Total Assets

260,630,760

251,300,413

230,276,443

215,869,346

Net assets per share

0.659

0.696

0.494

0.489

Basic earning per share

0.024

0.033

0.057

0.094

 

NOTE :

  1. Comparatives for 2013 are extracts from the audited results.

  2. Group incorporate the unaudited results of subsidiaries and associates which are subject to Audit ,Boards and in certain case the regulator’s approval.

  3. Audited Group and Parent Company financial statements will be submitted in compliance with the current regulations.

  4. These results are subject to audit by the Company’s external statutory auditors and review by DIDIH’s Audit Committee , Board of Directors and approval of Shareholders in AGM scheduled on 30th March 2015.

  5. Net assets and basic earning per share for 2014 are impacted by the increase of shares capital from 200 million shares to 220 million shares in 2014 by way of  bonus shares.

    #    The share of profit from associates for the year ended as at  31st  December 2013 includes profit written back from legal case by Banking associate  ( 2014 : Nil )