I am pleased to report the company continued its strong growth trend during 2007 which has resulted in a 56% increase in Net Profit in 2007 compared with the previous year.
In support of the company’s opportunities for growth the shareholders doubled the paid-up capital of thecompany during 2007 from QR 60 Million to QR 120 Million, firstly by the issue of 4 million bonus shares in March, and in May by a Private Placement of a further 2 million shares.
The Board was also expanded and in July, I was pleased to welcome H.E. Sheikh Suhaim bin Abdulla Bin Khalifa Al Thani and Mr. Ali Yousuf Kamal as members of the Board.
As a further important step in the development of Mannai Corporation the company had the honour of being listed on the Doha Securities Market in August, 2007.
At the December Board meeting, Mr. Khalid Mannai offered his resignation as Vice Chairman to concentrate on his duties as an Executive Director in the company and Sheikh Suhaim was elected as Vice Chairman.
Also at the December Board meeting Sheikh Suhaim was appointed Chairman of the Executive Committee, Mr. Khalid Mannai was appointed Vice Chairman of the Executive Committee and Mr. Ali Yousuf Kamal was appointed as an additional member of the Audit Committee.
The Board expressed its thanks to Khalid Mannai for his loyal service as Vice Chairman.
The strengthening of the capital base and the Board was made in support of the expanding business and in preparation for longer term developments.
At the same time, as outlined later in this annual report, the company continued to invest in the expansion of its infrastructure and facilities to prepare for its future needs.
My sincere thanks go to all Managers and staff of the diverse range of businesses in Mannai, for their individual contributions towards the continued growth and achievements of the company in 2007.
Also underlying the company’s growth is, of course the buoyant economy in Qatar thanks to the wise leadership of the Emir, HH Sheikh Hamad Bin Khalifa Al Thani and the Heir Apparent HH Sheikh Tamim Bin Hamad Al Thani.
I take this opportunity to express our delight in welcoming Qatar Foundation for Education, Science and Community Development as a 10% shareholder.
In recognition of the shareholders firm support of the company, in its first year of operation as a Public Company, the Board has recommended a cash dividend of 40% (being QR 4 per share) and a bonus issue of 20% being (1 share for every 5 shares held).
Looking forward, I am pleased to say that I believe our company is well positioned to benefit from the opportunities the sound Qatari economy presents in 2008 and in the years ahead.
Sheikh Hamad Bin Abdulla Bin Khalifa Al Thani
Chairman of the Board