Al-Jazeera to pay record dividends

Global Buyout Fund (GBF) announced yesterday that its 51 percent owned Al Jazeera Steel Products Company (Al-Jazeera), which is a listed company on Muscat Securities Market, will distribute 16 percent in cash dividends for 2012, the largest dividend payment in the history of the company.

In 2012, the company continued to report record results for the second consecutive year. It has reported a net income of OMR 3.4 million (OMR 0.027 per share), a 13 percent increase over 2011 profits that stood at OMR 3.0 million (OMR 0.024 per share). Revenues jumped 8 percent from OMR 91.2 million in 2011 to OMR 98.3 million in 2012.

Sulaiman Al-Rubaie, chairman of Al-Jazeera Steel Products Company representing GBF, said: “We are proud to have another successful year for Al-Jazeera and its stakeholders. These results are supported by relatively stable demand, a strong order book and reduced finance costs. Furthermore, these outstanding results could not have been achieved without the efficient inventory management, cautiousness of the management team and their exceptional performance in these challenging market environments.”

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