Chairman's Message

Dear Shareholders,

On behalf of the Board of Directors of Saxon Capital Investment L.L.C Capital, I am pleased to present the Annual Report and audited statements for the year ended 31st December 2018.

Year 2018, being the Year of the Zayed was a landmark year for Saxon Capital Investment L.L.C as the company listed its shares on Abu Dhabi Securities Exchange (ADX) second market under the ticker ‘Saxon’. This major step re-iterates our commitment to transparency which is at the core of the company’s value system while providing liquidity to our shareholders.

On the real estate side, the company is progressing well on its build to lease residential assets. Currently there are five residential projects, three projects in Najmat and two projects in Rawdhat, which are underway at various stages of construction. Collectively set to deliver ~ 1200 residential units, these are built as per the market demand while maintaining high level of quality standards. Even after leveraging these projects, the company’s overall debt commitment remains at ~ 5% of the equity that provides growth opportunities in future.

Investment portfolio continues to provide a source of recurring income. The Investments income is ~AED 405 million which includes fair value gain on investments as per adoption of IFRS 9.

I am pleased to announce a net profit of AED 416 million for the financial year ended 31 December 2018, representing an EPS of AED 5.36. As at 31st December 2018, based on the Net Assets of AED 5.6 billion the book value stood at AED 72 per share.

In our constant endeavor to reward our shareholders, the Board of Directors’ is proposing a 14% cash dividend distribution to the shareholders based on the capital of AED 777.5 million

I would like to express my sincere gratitude to H.H. Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, for his ongoing support and leadership. My sincere appreciation is also due to H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE and the Ruler of Dubai and H.H. Sheikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for their guidance and encouragement.

Please allow me also to convey my deepest appreciation to our shareholders for their continued confidence in us. I am also grateful to the Board of Directors for their invaluable inputs and pivotal role they have played in steering the Company towards continued growth in a challenging year. I would also like to commend the Management and the staff for their dedication and commitment.

H.H. Sh Tahnoon Bin Zayed Al Nahyan
Chairman