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Al-Faris General Assembly Endorses Board of Directors' Report and Financial Data for 2008
The General Assembly of Al-Faris National Investments (ASE:CEBC) endorsed the Board of Directors' report and the company's financial data for 2008. This endorsement took place during the General Assembly's ordinary meeting held on April 26 at the Regency Palace Hotel, Amman.
May 2, 2009 12:00 by Aarti Nagraj
The General Assembly of Al-Faris National Investments (ASE:CEBC) endorsed the Board of Directors’ report and the company’s financial data for 2008. This endorsement took place during the General Assembly’s ordinary meeting held on April 26 at the Regency Palace Hotel, Amman.
The meeting was chaired by Mr. Rudain Kawar, Chairman of Board, and attended by Mr. Hazem Malhas, deputy chairman and CEO, the board members, a number of shareholders as well as the representative of the General Controller of companies thereby achieving quorum.
The Board of Directors’ annual report was presented during the meeting and included the company’s main achievements and financial results for 2008. Mr. Kawar expressed his pride with the positive results and significant strides achieved by the company as a result of the diligence and dedication of its team. In terms of financial results, the company’s final net profit for 2008 rose by 300%, reaching JD 1.155 million compared to 289,002 in the year 2007. In addition, the company’s revenue grew by 200% to reach JD 39.7 million compared with JD 13 million during 2007.
Moreover, shareholders equity increased to JD 26.46, and the overall value of assets rose by 82% to reach JD 61.7 million in 2008.
One of the main achievements of Al-Faris National Investments through 2008 was acquiring 70% of Royah, a Saudi company specialized in IT solutions development placed in Jeddah with several branches throughout the kingdom, and launching Royah Optimiza in Saudi Arabia. Also, Al-Faris capital was raised from JD25 million to JD34 million, along with many distinguished achievements for Al-Faris subsidiaries: Optimiza, MenaITech and Optimiza Academy.