MUSCAT: Al Maha Petroleum Products Marketing Company SAOG recently held its Extraordinary General Meeting (EGM) and Annual General Meeting (AGM) for the year ended on 31/12/2019. The EGM approved the amendment of the Company’s Articles of Association to conform to the form issued by the Capital Market Authority. The AGM approved the recommendations of the Board of Directors of the Company for the past fiscal year.
The AGM also approved the Company’s organisation and management report, the auditor’s report, the balance sheet and the profit and loss account for the past fiscal year.
The Company’s sales during the year 2019 amounted to RO 465.9 million. The Company has achieved a net profit of RO 3.408 million.
The AGM approved the proposal of the Board of Directors to distribute cash dividends at a rate of 70 Baisas per share to shareholders.
It is noteworthy that the Company witnessed an expansion in its business last year, where 9 filling stations were opened, bringing the total number of filling stations to 226. In addition, a number of brands were introduced in express shopping stores and a number of service centers for vehicles were opened in various stations of the Company.
It is worth noting that Al Maha Petroleum Products Marketing Company SAOG works to take advantage of the opportunities that will be available to it through the government’s ongoing initiatives related to the development of infrastructure and major projects.
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