Wafra International Investment Company held its Annual General Meeting (AGM) for the financial year ended 31 December 2021 with 99.7% quorum. All items on the meeting agenda were approved, including the approval of the Board of Directors’ recommendation to distribute 30% cash dividends to shareholders for financial year ended 31 December 2021 for an aggregate amount of KWD 4.5 million, to shareholders registered in the company’s records as of the AGM date. The AGM also elected Dalal Hisham Al-Rayes as an independent member of the company’s board of directors for the current supplementary term.
The AGM approved the Board of Directors’ report on the company’s business activity, financial position, and financial results for the financial year, as well as hearing and approving the Audit Bureau’s report and the company’s external auditor’s report for that year as well.
Wafra International Investment Company’s net profits jumped by KWD 14.79 million, compared to KWD 7.29 million in the financial year ended 31 December 2020, up by 100%. Earnings per share (EPS) stood at 98.89 fils compared to 48.65 fils in the corresponding period of last year.
The total comprehensive income for the financial year 2021 reached about KWD 19.99 million, compared to KWD 7.11 million in 2020, while total assets at the end of the financial year ended 31 December 2021 amounted to about KWD 112.28 million, compared to KWD 90.36 million in 2020. Total equity was KWD 104.43 million, compared to KWD 86.35 million in 2020, while total liabilities amounted to KWD 7.85 million, compared to KWD 4.01 million.
The AGM also reviewed that the company hasn’t committed any financial or non-financial violations and had no penalties imposed by the regulatory authorities. It also discussed and approved the financial statements and profit and loss accounts for the financial year ended 31 December 2021 in addition to discussing the governance report, the Audit Committee report, as well as the Nominations and Remunerations Committee’s report for the financial year.
The AGM also agreed to deduct 10% of the Company’s net profits for the financial year ended 31 December 2021 towards both the statutory and voluntary reserve accounts.