The National Investor announces profit despite crisis |
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Debt-free Balance Sheet - Net Profits of AED 6 million - Strong Prospects 26th May 2009: Abu Dhabi, UAE, The National Investor ("TNI")The National Investor ("TNI")
today confirmed that it achieved Net Profits of AED 6 million for the year ended 31st March 2009 despite a substantial drop in revenues as a result of the global economic crisis.During the year, the firm continued to strengthen its balance sheet by optimizing its capital structure and maintaining high levels of liquidity.
Describing the past year as one of the most challenging ever faced by the Abu Dhabi-based investment and advisory company in its 15-year history, TNITNI's Chairman, Abdullah M. Al Mazrui says: "I feel satisfied with the achievements of our team during the past year. Our employees combined their expertise to protect TNITNI's franchise in an environment characterized by financial turmoil and uncertainty. As we move forward, we will aim to continue to seize every opportunity to achieve sustainable growth so that our firm emerges from the current economic scenario better positioned for the future".
Orhan Osmansoy, TNITNI's CEO, added: "In the most difficult of economic climates, we have seen a return to profitability for the Investment Banking division, which has won three new cross-border advisory mandates. Our Private Equity team closed two significant transactions in India and Saudi Arabia. In Asset Management, our funds have continued to outperform the market and the division continues to benefit from the strong track record of the firm's first absolute return fund. We are keen to continue growing our business, while being mindful of the competitive landscape and cyclical nature of the industry in which we operate", he said.
In line with previous years, TNITNI's commitment to standards of excellence has been further strengthened with regional and international accolades. The company's two flagship funds were rated 'A' by Standard & Poor's.
-Ends-
© Press Release 2009
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