Al Rayan Investment increases its capital to AED 452m and doubles its profit to AED 183m in 2008
The Chairman of the board of Abu Dhabi based investment company, Al Rayan Investment, Mr Fardan Hassan Al Fardan, today announced that the company had successfully increased its operating capital by 10% owing to profits achieved in 2008.
The announcement came following the company’s annual general meeting (AGM), that was held at the Shangri-La Hotel and Resort in Abu Dhabi on 28th January 2009. During the meeting the board proposed the 10% increase via new share distribution, which was approved by shareholders, bringing Al Rayan Investment’s total capital to AED 452,715,500.
The board presented a particularly positive report on the year ending 31st December 2008, posting net profits of AED 183,665,530, this compared with AED 89m profits in 2007, representing a more than double increase. As a result of this, shareholders proposed the 10% increase in operating capital, distributed as shares at a par value of AED100 per share.
During the AGM shareholders were presented with both the board’s report on 2008, as well as auditor’s report and a balance sheet and profit & loss presentation for the year ending 31st December 2008.
One of Abu Dhabi’s leading investment companies, Al Rayan Investment recently took part in the global environment conference hosted by Masdar in Abu Dhabi in January 2009, the World Future Energy Summit, along with three strategic partner companies: Earthcare active in the agricultural and landscaping projects sector through its fertilization and irrigation systems; Green Precast, a new construction technology which produces 4 walls & a roof in 1 monolithic pour with no brackets, joints or propping; and Millennium, which provides solar energy solutions for a wide range of applications including heating, cooling, water distillation, water generation, and electrical power generation for residential, commercial and industrial usage.
