First Energy Bank Holds 3rd Annual General Meeting

Published March 31st, 2010 - 08:25 GMT

 First Energy Bank (FEB) today held its third third Annual General Meeting, during which it announced that it had achieved very good financial results in 2009.  Specifically, FEB’s profits rose to $14.2 million, while its total revenues increased to $47.41 million, and total assets rose to $1.233 billion.

Esam Yousif Janahi, Chairman of First Energy Bank commented on the banks standing within the marketplace by saying, "Even though First Energy Bank was only established in 2008, it is today reaping the fruits of its initial efforts. We need to look no further than the excellent results achieved in 2009, which were a direct result of the strength of the team that is in place here, the soundness of the investment strategy and the strong backing of our investor base.  The volume of our business is constantly growing and our investments are making steady and sure progress. The coming year is looking like it is going to be ripe with potential investment opportunities in the energy sector, especially with regards to renewable energy, oilfield services, and the multitude of energy-related businesses. We are well placed to continue taking advantage of these opportunities and look forward to another bright year."

"Last year, FEB entered the alternative energy sector with the launch of Saudi Polysilicon, the largest polysilicon production facility in Saudi Arabia and the Middle East.  This project was launched in partnership with Saudi Project Management and Development Company, and represents a major investment aimed at developing the alternative energy industry in the region.  Additionally, 2009 saw the closing of MENAdrill, our inaugural offshore drilling venture, which is set to benchmark drilling operations in the region in the very near future. We have set our sights even higher for 2010, and are working to capitalize on the strength of our assets, especially given current market conditions."

Also commenting on the occasion of the AGM, FEB’s Chief Executive Officer, Vahan Zanoyan, told the meeting: "2009 was without a doubt one of the most difficult years the banking industry has seen in long time. That FEB succeeded in achieving such good financial results during those difficult times shows the strength, dedication and the vast experience we have as a group."

Among FEB’s significant accomplishments in 2009 was the acquisition of a significant stake (9%) in the Al Dur Independent Water and Power Production Plant, one of the biggest power generation plants in the Kingdom of Bahrain. Recently, FEB also successfully bought 40% of ADWOC (Arab Drilling and Workover Company), a leading Libya-based onshore oil and gas well drilling and maintenance company from Global Santa Fe. 

Closing out the meeting, Mr Janahi appointed the auditors for the new fiscal year, 2010 as well as the members of the FEB Shari'ah Board. 

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