Al-Faris National Investment achieves JD 39.7 revenue in 2008

Al-Faris National Investment achieves JD 39.7 revenue in 2008

Al-Faris National Investment company (ASE:CEBC), the owner of Optimiza, MenaITech and Optimiza Academy, announced its financial results for the year 2008 with a revenue reaching JD 39.7 million, reflecting a 200% growth compared to JD 13 million in 2007.

March 28, 2009 12:00 by Aarti Nagraj

Gross profit increased by 182% in 2008 to reach JD 10,814 million compared with JD 3.831 million in 2007, as the net profit before dividends has shown a remarkable 558% growth in 2008 to reach JD 2.213 million. Net profit after dividends reached JD 1.55 million, achieving a 300% growth. Accordingly, the JD 0.046 earning per share rise reflected an increase of 280%.

Additionally, gross assets value for the Al-Faris National Investment Company increased by 80% reaching JD 61.7 million, raising owners’ equity to JD 26.46 million.

On this occasion, Mr. Rudain Kawar, Chairman of Al-Faris National Investment Company, said: “We are very proud of the results achieved in 2008. This success reflects the strong capabilities of the management team and the well experienced leadership of our subsidiary companies. The ongoing projects and new contracts reflect our sales growth in Saudi Arabia, Jordan, the Gulf region and North Africa.”

Mr. Kawar added: “The board of directors is committed to building on the successes of Al-Faris’s and Optimiza’s investments in the region, and to maintaining its distinguished performance levels.”

On the other hand, Mr. Hazem Malhas, Al-Faris National Investment Deputy Chairman and CEO, said: “Al-Faris National Investment Company along with its subsidiaries (Optimiza, MenaITech and Optimiza Academy) have attained the stance of pride, and the number of its shareholders has now reached 3000 investor.”

Mr. Malhas added: “50% of our revenue was achieved in the Saudi market. We aspire for higher growth in the regional markets this year, particularly in Saudi Arabia and the Gulf, in addition to Iraq, Palestine and North Africa.”

-Ends-