Janahi: Our profits hit $14.2 million in 2009, and we expect similar achievements in 2010

Manama, Bahrain, 30 March 2010: 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.    

-Ends- 

About First Energy Bank
First Energy Bank B.S.C. (c) ("FEB" or the "Bank") is an Islamic investment bank licensed by the Central Bank of Bahrain and headquartered in Manama, Kingdom of Bahrain.

FEB's founders believe that the global energy sector and the Middle East and North Africa (MENA) region offer excellent opportunities for private equity and Islamic financial investment. First Energy Bank offers investors unique and specialized opportunities that capitalize on the MENA region's status as the center for world energy.

The Bank focuses on investments in the development, production, transportation, storage, refining and distribution of hydrocarbons, as well as on oilfield services and energy sector technologies. FEB also explores opportunities to invest in the development of power generation capacity and renewable energy technologies.

The Bank operates in accordance with Islamic Sharia'a principles as a financial partner in project development, joint ventures, mergers and acquisitions and the purchase of assets and asset portfolios.

FEB was established with authorized share capital of US$ 2 billion, consisting 2 billion ordinary shares with a par value of US$ 1 each.  The Bank's shareholders include financial institutions, a range of other organizations and individuals with interests in the energy sector from Bahrain, the United Arab Emirates, Libya, Saudi Arabia and other countries in the region.

For further information please contact:
Amal Turki
First Energy Bank
Tel: 973 17170000
Fax:973 17170170
E-mail: aturki@1stenergybank.com

Sami Amin
Hill & Knowlton
Tel: +973 175 33532
Fax: +973 17533370
e-mail: sami.amin@hillandknowlton.com
 

© Press Release 2010