During the year 2016, the growth of business was affected by a strict audit procedures on certain investments. Moreover, non-essential investments have been postponed and reduced like the company’s decision to liquidate one of its subsidiaries 100% owned by the company which represented a burden on the company’s results during the previous years. In addition, the company seeks to end all Zakat (Tax) disputes.
Therefore, the board of directors is pleased to announce that despite many challenges faced, the year 2016 was another year of strong performance of the company, which took many assured decisions to adjust the company’s path and in line with the requirements of the growth in the up coming years.
The most important achievements of 2016 were as follows:
– Bought shares via IPO in some successful companies.
– Closed many legal cases.
– Continuing to develop and improve all company’s facilities.
– Liquidation of distressed investments.
– Saudization of jobs.
– Continuing to update and improve ERP system of the company.
Al Ahsa Development Company strives to capitalize on its existing assets whether it is real estate investments or investments in subsidiaries to maximize the profitability of its shareholders by diversifying its investments in an integrated manner as the company intends to seek for any new investment opportunities that would add value to shareholders’ equity.