Jan 09 2011 |
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Jadwa posts record earnings for 2010
Net income soars to over SR110 million in 2010; a SR56.5 million dividend distribution recommendedHRH. Prince Faisal bin Salman bin Abdulaziz, Jadwa 's Chairman, highlighted the consistent strong performance since the launch of operations in 2007. His Highness emphasized the growth in profitability, shareholders' equity and the company's asset base, adding that Jadwa 's assets exceeded SR1.65 billion in 2010, an increase of SR1.15 billion, equivalent to 230 percent, since the company was established.
His Highness noted that this performance was achieved during an extremely challenging period for the global financial services industry that has impacted negatively the performance of many financial and investment institutions over the past few years.
Prince Faisal further explained that the positive results realized by the company can be attributed to the deep insight of its Board of Directors and the highly sophisticated standards that the executive team of the company abides by in implementing its investment policies. Such polices aim at investing in a diversified pool of low-risk asset classes and exploiting lucrative investment opportunities. This approached has lifted Jadwa 's shareholders' equity to a record level of SR814 million by the end of 2010, raising book value per share to SR23.
Jadwa 's CEO and Managing Director, Ahmed Al-Khateeb, said that the Board of Directors has recommended payment a dividend of SR56.5 million from the company's net income in 2010, equivalent to SR1.0 per share or 10 percent of the nominal value per share. This compares to the SR28.5 million dividend distribution from 2009 net income, which was 5 percent of the per share nominal value.
Mr. Al-Khateeb expressed his appreciation and gratitude to Jadwa 's clients for placing their trust in the company, its activities and capabilities. This trust has played an important role in the company's stellar performance and enabled Jadwa to solidify the superiority of its investment options and solutions. He also emphasized his appreciation for the professionalism, discipline and creativity of Jadwa 's employees, which have contributed to an outstanding record of achievement across the region.
Jadwa Investment , which launched its operations in the Saudi market in 2007, has assets under management exceeding SR9.5 billion. The company has an Investment Manager Quality Rating of MQ2 from Moody's, the second high rating available for portfolio managers throughout the world.
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