DOHA: The Islamic Financial Securities, a brokerage company, has recorded a net profit of QR18.4m in 2008 as compared to QR10.5m in the previous year.

Earning per share (EPS) amounted to QR4.61 last year as against QR2.63 in 2007, the company said. Sheikh Khalid bin Thani Al Thani, Chairman of the company, announced the audited financial statements at the end of the Board of Directors meeting yesterday.

He said the 2008 financials were encouraging. "The firm will go ahead and implement its future projects and will endeavour to become a leading company in Islamic brokerage."

He said the Board had approved the financial statements for the year ended 2008, which showed a remarkable growth of 75 percent over 2007.

He added that the Board had recommended to transfer 10 percent from the net profit to Legal Reserve and to distribute 83 percent of paid-up capital to shareholders as dividend.

The distribution of dividend will be 33 percent of paid up capital to shareholders in cash, equivalent to QR1.65 per share, and transfer 50 percent of the dividends to call 25 percent of the unpaid portion of the share capital.& The paid-up capital will be 75 percent of the total capital.