Masraf Al Rayan Q P S C : Press Release MAR AGM
At the Annual General Meeting (AGM) convened recently, Masraf Al Rayan (MAR) shareholders ratified the financial statements for the fiscal year culminating on December 31, 2023. These statements showcased a Net Profit after Tax of QAR 1452 million, underscoring the bank’s financial robustness and operational excellence throughout the fiscal period.
His Excellency Sheikh Mohamed Bin Hamad Bin Qassim Al-Thani, the Chairman of the Board of Directors, delivered an insightful report regarding the bank’s activities, financial health, and strategic outlook for the year ended December 31, 2023.
Chairman’s Reflections on the Year 2023
His Excellency highlighted the bank’s resilient performance amidst challenging market conditions, noting an appreciable 8% growth in net profit alongside significant improvements in key performance indicators. He remarked, “In alignment with the Qatar National Vision 2023, MAR initiated several strategic moves to ensure sustainable and enhanced shareholder value over the long term. Among these initiatives was the unveiling of a new IT strategy aimed at ushering the Bank into the digital era and kickstarting the Mid-term strategy exercise in line with the Third National Development Strategy’s goals and objectives.”
He further emphasized MAR’s unwavering commitment to Environmental, Social, and Governance (ESG) principles, echoing Qatar’s National Environment and Climate Change Strategy’s ethos. This commitment reflects the bank’s strategic decisions and concerted efforts towards maximizing shareholder value.
Decisions and Endorsements
The AGM witnessed the shareholders endorsing various significant reports including the Sharia Supervisory Board and the External Auditor’s insights on the bank’s financial operations. The Board’s recommendation for a cash dividend distribution equivalent to 10% of the share nominal value, amounting to QAR 0.10 per share for the fiscal year ending December 31, 2023, was approved. This approval also included the allocation of the remaining profits as outlined in the audited financial statements.
The meeting also covered approvals regarding the Bank’s adherence to corporate governance regulations and internal controls over financial reporting. The 2023 Corporate Governance Report and the remuneration policy for the Board and Senior Management were reviewed and endorsed. Additionally, Price Waterhouse Coopers was ratified as the external auditors for the fiscal year 2024, marking their second consecutive year in this role.
The AGM addressed board membership changes, acknowledging the replacement of Mr. Turki Al Khater by Mr. Ahmed Ali Al Hamadi as the representative of the General Authority for Pension and Social Insurances on the MAR Board. It also recognized the election of Mr. Abdulla Saad Mohamed Jobara Al Rumeihi as an Independent Board member filling the vacancy left by Mr. Abdulal Bin Nasser Al Misnad for the current Board term.
In an Extraordinary General Meeting (EGM) concurrent with the AGM, shareholders sanctioned amendments to the Articles of Association to align with the Qatar Central Bank’s governance circular. These amendments empower the Board’s Chairman, Vice Chairman, or their delegate to fulfill the requisite regulatory formalities for the updated Articles of Association.
Closing Appreciation
To conclude the meetings, His Excellency Sheikh Mohamed Bin Hamad Bin Qassim Al-Thani expressed profound gratitude towards Qatar’s leadership for their unfaltering support of the national economy and institutions. He acknowledged the efforts of Qatar’s Prime Minister, the Governor of Qatar Central Bank, and various regulatory bodies for their support towards the banking sector. His Excellency extended thanks to MAR’s executive management, staff, shareholders, and customers for their dedication, confidence, and continued support throughout the past year.
