Zara Holds the General Assembly Meeting

May 5, 2013 - PRLog -- Zara Investment Holding Company (Zara) held its 19th General Assembly meeting at InterContinental Jordan Hotel in Amman. The meeting was headed by the Chairman of the Board of Directors Mr. Sabih Masri.

Mr. Masri opened the meeting by thanking the shareholders for attending and by welcoming Dr. Aiman Al Shariri, representative of the Companies Controller and Mr. Waddah Barqawi, Managing Partner of the company's external auditors Ernst & Young Jordan, and the attending press and media representatives.

Mr. Masri presented the consolidated financial results for the year 2012 of Zara and its subsidiaries. The chairman highlighted that the Company’s consolidated gross operating revenue for 2012 reached JD 82.9 Million (approximately US $ 116.6 million), which represents an increase of 6.1% over the year 2011; consolidated net operating revenues reached JD 22.7 million, which represents an increase of 5.7% over 2011; and consolidated net profit attributable to shareholders reached JD 1.1 million.

Chairman Mr. Masri explained the feasibility of investment in the Tourism Sector over the long run and the soundness and quality of Zara asset investments where real values exceed by far the recorded historical cost. The chairman added "Out of this belief and vision; the main shareholders supported the company with its plan to restructure its capital which resulted in improving leverage to reach 24%  and reducing its financial costs by 32%."  Chairman Mr. Masri said the fact that continuing in this path will surely bring the company to a stronger position to generate higher returns and make generous distributions to its shareholders.

The meeting included a question and answer session by the shareholders.  A general discussion took place on the investments of the Company all over Jordan, to which the chairman explained that Zara is continuously seeking to maintain and enhance its leading presence and role in the Jordanian hospitality sector.  He also stated that the company is open to and welcomes opportunities for all investors, foreign and local, interested in investing in Zara.

The chairman emphasized the significant contribution of Zara to the economy of Jordan in terms of revenue and employment.  Zara employs approximately 6% of the total direct employment in the tourism sector in Jordan in addition to its leading role in developing the local communities in which it operates.

The ordinary meeting was concluded with the approval of the General Assembly of the Company’s consolidated financial statements, as well as with the appointment of Ernst & Young as the Company’s auditors for the year ending 31/12/2013.