ADIH reports net profit of AED17 million for the fiscal year 2009

Abu Dhabi Investment House (ADIH) announced yesterday that it made a net profit of AED17 million (US$5 million) where the Board of Directors approved the distribution of 5% in cash dividends.

Rashad Y. Janahi, Managing Director said, "We are very pleased with the 2009 positive results given the challenging economic environment we currently operate in. This success is attributed to ADIH’s clear strategy and resilient business model where risks were mitigated given the extensive research and due diligence work conducted throughout. Also, by raising provisioning requirements, we will be better positioned to weather any further turbulence from the economic downturn.’

This year’s results are a reflection of ADIH’s prudent methods and entry into diversified real economy sectors that haven’t been affected by the financial crisis. Total income for 2009 was at AED207 million (US$56 million) achieving net profit of AED 17 million (US$5 million). Total assets rose by 4% compared to year 2008 to reach AED1599 million (US$435 million) while total equity reached AED911 million (US$248 million) recording 4.6% return on capital with AED0.08 (US$0.02) earnings per share.

Janahi further said, "I would like to take this opportunity to thank the Central Bank of the UAE, Ministry of Foreign Trade, our stakeholders including valuable shareholders, investors, ADIH executive management and employees for their hard work and commitment to achieve these positive results given the current economic environment.’ On the other hand, Fawaz Ali Al Jowder, ADIH CEO said, "The great results in the light of a strained financial market are testament of the Board’s strategy to position ADIH as the investment house of choice within the MENASA region."

’’We have incorporated the Abu Dhabi 2030 Vision within our strategy to diversify our investment product offering especially in real economy sectors and empowering our human capital,’’ he added.
 

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