Al Mahhar Holding shareholders approve AGM agenda | Maqvi News

Al Mahhar Holding board addresses shareholders at the AGM.

Al Mahhar Holding Company, one of the leading service and specialised products providers to the energy and infrastructure sectors in Qatar, has held its annual general meeting and approved all items listed on agenda. The meeting (AGM) was chaired by Al Mahhar’s chairman, Fahad Hussain Alfardan, with the attendance of Al Mahhar’s board members, shareholders, and senior management team.
“2023 was a landmark year for Al Mahhar, showcasing our resilience and strategic positioning as a pivotal contributor to Qatar’s energy and infrastructure sectors. Our focus on operational excellence and growth has paid off, reflecting in our strong financial performance in 2023 and our ability to seize opportunities in the energy sector. Looking forward, we remain committed to innovation, expanding our market presence and are confident in our capacity to face future challenges and enhance value for our shareholders and communities,” Alfardan said.
The AGM endorsed the board of directors’ report on the company’s operations and financial performance for the financial year ended 2023. The AGM discussed the auditors’ report and approved Al Mahhar’s financial statements for the financial year 2023.
Based on the strong financial results for the financial year 2023, the AGM approved the board’s suggestion to distribute an annual dividend to shareholders equivalent to 10% of Al Mahhar’s issued and paid-up share capital, amounting to QR20.7mn or QR0.1 per share.
The AGM concluded with the reappointment of EY (Ernst and Young) as external auditors for the upcoming financial year and the approval of their respective service fees.
The company achieved robust revenue growth of 19.7% year-on-year, reaching QR683.2mn in 2023. Al Mahhar’s net profit to equity holders increased by 38.5% annually to QR28.2mn (QR0.14 earnings per share) for the financial year 2023, from a net profit to equity holders of QR20.3mn in 2022, continuing the company’s trend of growth and shareholder value creation.
During 2023, Al Mahhar maintained its deleveraging initiative, further reducing its bank debt by 34.8% on an annualised basis. This strategic debt reduction, along with a strong generation of operating cash flows – demonstrating a strong increase of 47.5% from QR21.5mn in 2022 to QR31.7mn in 2023 – firmly positions the company on a path to sustainable growth.