Saturday 27 / July / 2024
Muscat: Sohar International recently held its Annual General Meeting (AGM) for the shareholders on March 31. The meeting was presided over by Mohammed Mahfoudh Al Ardhi, Chairman of the Board, and attended by board members, the executive management team of Sohar International and shareholders.
The shareholders were briefed on the bank’s performance in 2021 along with discussions on other agenda items that covered 15 main items starting with the review and approval of the Board of Directors’ Report for the financial year ended December 31, 2021.
The Annual General Meeting also discussed and approved the distribution of cash dividends to shareholders at the rate of 4 baisas per share. The shareholders also appointed a new Board of seven members. The meeting was held at the Mandalon Hall, Crown Plaza Hotel – Muscat and also was streamed online via the electronic general meeting platform of the Muscat Clearing and Depository (MCD).
Commenting on the bank’s overall performance, Mohammed Mahfoudh Al Ardhi, who was reappointed as a director and a Chairman of Sohar International’s Board, said, “The year 2021 witnessed Sohar International continue on its growth trajectory, demonstrating institutional strength and resilience as it entered a new phase of excellence paving way for the organization to reach new heights. We continue to deliver on multiple fronts, contributing to the country’s progress, supporting the larger community in which we operate, creating shareholder value and being an employer of choice. The financial results for the year 2021 are a testament to the compelling value propositions offered by Sohar International, and the progress we have been making on our strategic agenda towards realising our vision of becoming a world-leading Omani service company that helps customers, communities and people to prosper and grow.”
Amongst the various agenda related items, the AGM approved the Directors’ Report, Corporate Governance Report, Board Performance Report, Auditor’s Report, and financial statements for the year ended 31 December 2021.
Besides reviewing the corporate social responsibility (CSR) engagements and charitable donations carried out throughout 2021, the bank’s shareholders also approved OMR 250,000 for charitable donations and social corporate responsibility for the year 2022 and authorised the board to allocate it the way it deems fit.
The AGM also witnessed the approval and appointment of new Sharia Supervisory Board members for Sohar Islamic.
Other agenda items included ratification of sitting fees paid to directors during the year 2021, determination of sitting fees for the year 2022, remunerations payable to the directors for the financial year 2021, reappointing Deloittle & Touche as the external auditors for Sohar Islamic, in addition to noting the Sharia Supervisory Board’s report on the legitimacy of Sohar Islamic’s transactions for the financial year ended 31 December 2021.
The bank’s shareholders also ratified the generous contributions to the local community made by Sohar International towards the national efforts to mitigate the social impact of the cyclone Shaheen.
It’s worth noting that Sohar International recorded spectacular financial performance and an exceptional year of growth in the year 2021 recording an increase in the net profit of 41.6 per cent to OMR28.3 million for the year ended December 31, 2021, up from OMR20.0 million for the previous year. With a healthy increase of 14.5 per cent in total assets, the year 2021 also witnessed Sohar International raising its Tier I capital by OMR50 million.
The bank also registered a 14.5 per cent increase in its total assets as of 31 December 2021 amounting to a total of OMR4,134 million as compared to OMR3,611 million as of 31 December 2020. Its net loans and advances also increased by 4.3 per cent to reach OMR2,612 million as opposed to OMR2,503 million as of 31 December 2020.
