The General Assembly of the National Carton Industry Company approved the Board of Directors’ recommendation to distribute cash dividends to shareholders at a rate of 12% of the nominal value, amounting to 12 cents per share.
This decision was made during an ordinary meeting held at the company’s headquarters in Nablus at the end of last week, chaired by Mahdi Hayati Al-Masri, Chairman of the Board of Directors. The meeting was attended by the company’s General Manager, Abdelnaser Dwaikat, the company registrar’s representative, the external auditor’s representative, and legal advisor Haitham Al-Zubi.
Al-Masri presented the Board of Directors’ report on the company’s operations for the year 2023, which highlighted the exceptional political and economic conditions due to the ongoing Israeli war on Gaza and its repercussions in the West Bank. These circumstances negatively impacted the company’s financial performance, similar to most companies and economic entities in Palestine.
Al-Masri stated that despite these circumstances, the company maintained its financial solvency, with a net profit after tax of $950,261 for the year 2023.
Al-Masri expressed his appreciation to the company’s shareholders for their trust, as well as to the members of the Board of Directors and the executive management for their dedicated efforts. He also extended his gratitude to the company’s customers and suppliers, who are partners in the company’s successes and its ongoing journey. He affirmed the Board and management’s continuous efforts to develop the company’s operations in line with the latest technologies in the field of packaging.
The General Assembly also approved the administrative and financial reports for the year 2023. Additionally, it granted discharge to the Board of Directors and re-elected Ernst & Young as the external auditor for the current year, 2024, authorizing the Board of Directors to determine their audit fees.
The Assembly also held an extraordinary meeting during which it approved the amended internal regulations and the articles of incorporation to align with the new Palestinian Companies Law. Additionally, it approved a policy for granting rewards to members of the Board of Directors, its committees, and the executive management.
