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Jeema Mineral Water to pay 15pc dividend

DUBAI - Jeema Mineral Water has declared 15 per cent dividend for its shareholders. The dividend was approved by its share holders during the Annual General Meeting, where it also announced net profits which surged from Dh 2.7 million in 2002 to Dh 5.4 million last year, recording an increase of 97 per cent yesterday.

The company has registered high growth rate mainly due to its strategy to cut its cost of operations. Mohamed Yehia Zakaria, Managing Director, said: "Our continuous focus to increase our market share and reduction in cost has yielded us such good results. The company focused on backward integration and procured cap producing machine from Italy at an investment of Dhs1.3 million."

The overall turnover of Jeema Mineral Water PSC increased by 60 per cent last year amounting to Dh29 million from the previous Dh18 million. The board of directors also reported that the earning per share has doubled to Dh36 per share.

During last year, the company's local market turnover grew by 25 per cent and exports to most of the AGCC countries as well as to UK, Pakistan and Africa by almost 100 per cent.

Zakaria said: "As far as expansion plans are concerned the company is finalising plans to produce 300/330ml bottles which should hit the market by end of 2004 and beginning of 2005. We also constantly believe in making our presence felt in the market by continuously participating in various festivals. The forth coming Dubai Summer Surprises (DSS) will also see the company investing in region of about Dhs half a million. The promotions such as DSS add a huge potential demand for the business."