Al-Faris National Investments
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 of JD 39.7 million, a 200% growth compared to JD 13 million in 2007.
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 minority interest and deductions has shown a remarkable 558% growth in 2008 to reach JD 2.213 million. Net profit after minority interest and deductions reached JD 1.155 million, achieving a 300% growth. Accordingly, earning per share for 2008 was JD 0.046, an increase of 280% over the 2007 earning per share.
Additionally, total assets value for the Al-Faris National Investment Company increased by 80% reaching JD 61.7 million, increasing owners’ equity to JD 26.46 million.
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 experienced leadership of our subsidiary companies. The ongoing projects and new contracts gained this year will support our sales growth in Saudi Arabia, Jordan, the Gulf region and North Africa.”
Mr. Kawar added: “The board of directors is committed to build on the successes of Al-Faris’s and Optimiza’s investments in the region, and to maintain its distinguished performance.”
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) take pride of the results achieved, and the commitment of our 3000 shareholders.”
Mr. Malhas added: “49% of our revenue was generated 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.”
