Afaq For Energy PLC distributes 12% of profits to its shareholders and presents future plans for them

Afaq For Energy PLC distributes 12% of profits to its shareholders and presents future plans for them

2020-06-02

In the pursuation of the Defense Law No. (13) for the year 1992,  Defense Order No. (5) for the year 2020 and the procedures issued by His Excellency the Minister of Trade and Supply Industry, and his approval of the meeting through the means of visual confrencing. The meeting was chaired by the Vice-Chairman of the Company, Mr. Muin Qadada, and the Comptroller of Companies, Dr. Wael Al Armouti, to consider the following decisions: -

1. Read the decisions of the tenth (previous) general assembly meeting.
2. Voting and approving the report of the Board of Directors for the fiscal year 2019 and the company's future work plan.
Voting for the company's auditors' report for the fiscal year 2019 and voting for the company's accounts and budget for 2019 and approving them.
3. Voting for the percentage distribution of the profits
4. Aquit the Board of Directors for the fiscal year 2019.
5. Elect auditors for the company for the fiscal year 2020 and determine their fees or authorize the Board of Directors to do so.

Afaq for Energy achieved better results during 2019 than the previous year, as the company achieved net profits of 15.1 million JOD, compared to 10.6 million JOD for the year 2018, despite the decline in revenues from 997 million JOD in 2018 to 890 million JOD in 2019 due to the fluctuating prices of oil derivatives globally and locally.

During the regular meeting held today and headed by the Vice Chairman; Mr. Muin Qadada, the public body agreed to distribute dividends  of 12%  to shareholders.
The public body of the company approved the auditor's report and the final financial statements of the company for the year 2019 and the members of the board of directors were acquitted.

Vise Chairman Mr. Muin Qadada reviewed the most important accomplishments that were achieved in 2019 and the future plans and developments of the company through all logistical operations for importing, storing and distributing oil derivatives, and  documented that the company is proceeding with its expansion in fuel stations, as the number of stations operating to this date have reached 73  distributed in all governorates of the Kingdom. The company aims to build 5 stations yearly that enable it to reach 100 stations, as well as rebranding private stations and ones that are owned by certain people under the name of Manaseer Express and activate electronic payment systems.

Not to mention that the company is one of the first companies that benefited from green and sustainable energy solutions where solar technology was installed and operated to generate electricity, 21 stations have been constructed so far and they are under the process of starting to operate
In addition to having charging units for electric vehicles, which amounted to 15 charging units distributed in stations, that serve all parts of the Kingdom.
 
He also added that we are increasing the number of branches of Lumi Market as there are now 54 operating branches in our stations, in addition to 5 branches that currently under construction.
 
In conclusion, Vice Chairman Mr. Muin Qadada added, "On behalf of the members of the Board; Thank you to our customers and our shareholders for their constant trust and continuous support to Afaq for Energy company, and all appreciation to our  clients, shareholders and employees of the company at all administrative and functional levels for their distinguished efforts in achieving these results during the past year.Thank you to the Ministry of Energy and Mineral Resources, the Energy and Minerals Regulatory Commission, and the Standards and Metrology Organization for their continued efforts to support the Jordanian energy sector and economy under His Majesty King Abdullah II Ibn Al-Hussein, may God protect and preserve him. ”