Al-Faris Achieves 31% Revenue Growth in 1st Quarter 2009
Al-Faris National Investment company, the owner of Optimiza, MenaITech and Optimiza Academy, announced its financial results for the first quarter of 2009.
May 14, 2009 12:00 by Aarti Nagraj
Al-Faris National Investment company (ASE:CEBC), the owner of Optimiza, MenaITech and Optimiza Academy, announced its financial results for the first quarter of 2009. This announcement came after the board’s meeting on Tuesday, April 21st, 2009 in the company’s premises in Amman, and the approval of those results.
Mr. Rudain Kawar, the Chairman of the Board announced: “The company achieved a 31% quarter to quarter growth in revenue over 2008, and achieved a revenue of JD 8.24 million and a net profit before interest, tax, deductions and minority interest of JD 445 thousand. The net profit for the 1st quarter after finance charges and minority interest was JD 108 thousand, a 400% growth from 1st quarter of 2008, in which the company has recorded losses.”
Mr. Hazem Malhas, CEO and Vice Chairman, who was optimistic about the market, added: “Optimiza Network signed contracts worth JD 12.5 million recently, and we will soon be announcing newly won projects in Jordan, Saudi Arabia, The Gulf and North African markets.”
Mr. Malhas was proud of the achievements of MenaITech and the expansion of the company regionally, and explained: “Because we sold hundreds of licenses of MenaITech unique HR software to various enterprises and institutions across the Middle East and became the market leaders.” He further expressed his excitement about Optimiza Academy’s potential and said: “We are now a world class Human Capital Development company, scoring major deals in the Middle East region. The Academy succeeded recently in launching its partnership with the prestigious “Drucker Management Institute”, at Claremont University.
About Al-Faris National Investments Company/Optimiza:
Al-Faris National Investment Company is publicly-listed (ASE:CEBC) with a capital of US $48 million, and is the owner of Optimiza, MenaITech and Optimiza Academy. Al-Faris National Investment Company invests in leading companies specialized in management and business consulting, information technology, human capital development and outsourcing.
Al-Faris National Investment Company and its subsidiaries have offices in Jordan, Jeddah, Riyadh, Dubai, Abu Dhabi and Doha, along with a large partners network that extends to most of the MENA markets.