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Meeting of the General Assembly

Al-Anma Real Estate Company announced the results of its Ordinary General Assembly held on 30/3/2017. The General Assembly approved all the agenda items, foremost of which is the non-distribution of profits. The Board of Directors was also elected for the 9th 2017-2019 session. , Abdullah Al-Ghurair, Tareq Fahad Al-Shaya, Riyad Nasser Al-Bader, Abdullah Abdulmohsen Al-Moghahm, Ahmed Abdul Mohsen Al-Farhan, Mohammed Musallam Abdul Mohsen Al-Musallam. Two reserve members were also elected: Abdulla Khalaf Salem Abu Hadidah and Abdullatif Mohammed Abdullah Al-Othman.

In the meantime, the Chairman of the Board of Directors of Al-Enmaa Real Estate Co., Mr. Saleh Turki Thursday, that a plan has been set for the exit from some non-income-generating investments as well as reduce debt and reduce the current financial commitments to overcome such difficult economic conditions and restore stability, pointing out that this will allow the company to resume its plan To further develop, develop and maintain the development of our real estate portfolio and increase its occupancy rate.

During the general assembly held at 65% attendance, the company's losses amounted to approximately KD 8.9 million, of which KD 3.3 million were losses in contracting operations during the past 5 and 6 years as a result of changes in the prices of construction materials, labor wages, A court ruling on the company worth 1.8 million dinars and a loss of 732 thousand dinars as a result of a revaluation of real estate investments worth 54 million dinars and the company saw a loss of one million dinars in some foreign investments, especially in Bahrain.
He added that in order to ensure the financial position of the company and in order to present the financial statements in real time and transparently to express the real situation of its performance and according to the accepted accounting principles, the company's management followed the precautionary principle through the allocation of provisions of 3.6 million dinars against claims on Subcontractors are due to late repayment of debt related to their work on the implementation of construction contracts.

Net loss for the year 2016 was KD 8,903 million, compared to KD 4,382 million for the year 2015. The annual rate of return on capital has dropped to 20 percent. The book value of the company's share for the year has dropped to 126 fils compared to 146 fils for the previous year. The company's liabilities were reduced by 16 percent to 2016 to 16,715 million dinars compared to 2015. The net shareholders' equity for 2016 was JD 56,716 million compared to KD 65,816 million in 2015, a decrease of KD 9,100 million. And 14 percent.
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