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Injaz Mena posts 47% increase in net profit; proposes 10% cash dividend

United Arab Emirates: Saturday, May 24 - 2008 @ 08:57

The key drivers of the company’s results included strong performance in the local and international equity markets, successful private equity deals, as well as excellent real estate projects returns.

Injaz Mena CEO Ahmed Al Dhahry says excellent returns from the Injaz Asia equity property Fund I and gains from an astute land bank transaction in Bahrain were two of the key drivers in the improved outcomes for the year.

Net profit for the 2007/08 financial year was Dhs96,097,000, compared with Dhs65,309,000 in the previous year.

As a result, Injaz Mena’s directors have recommended a 10 per cent cash dividend to be ratified at the general assembly to be held in Abu Dhabi on 15-06-2008. This is double the five per cent dividend paid last year.

Total revenue jumped from Dhs80,897,000 to Dhs122,218,000 for the year, a rise of 51.08%.

Injaz Mena’s total assets climbed to Dhs831,901,000 up 71.82% over the same time last year when they totaled Dhs484,184,000. Shareholder equity increased 18.09% from Dhs426,075,000 to Dhs503,139,000.

The company increased its Assets under Management by 40.67% cent, up from Dhs554,817,000 in the 2007/08 financial year to Dhs780,472,000 in the year just ended.

“Overall this has been an excellent achievement in a year where much of the global economy has been in turmoil because of the sub-prime crisis, the weak US dollar and record oil prices,” Mr Al Dhahry said.

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Saturday, May 24- 2008 @ 8:57 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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