Jan 10 2011 |
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Jadwa's income soars to SR110m in 2010
RIYADH: Jadwa Investment announced exceptional results for the fourth consecutive year. The company's income for 2010 exceeded SR110 million, registering growth of more than 225 percent compared to the result of 2009. Revenues rose to SR230 million by the end of 2010, up 64 percent.Prince Faisal bin Salman, Jadwa 's chairman, highlighted the company's consistent strong performance since the launch of operations in 2007. He 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 or 230 percent, since the company was established.
Prince Faisal noted that this performance was achieved during an extremely challenging period for the global financial services industry that has negatively impacted the performance of many financial and investment institutions over the past few years.
"Such polices aim at investing in a diversified pool of low-risk asset classes and exploiting lucrative investment opportunities," the chairman said.
Jadwa 's CEO and Managing Director Ahmed Al-Khateeb said the board of directors has recommended payment of SR56.5 million in dividends 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 distributed from 2009 net income, which was 5 percent of the nominal value per share.
Al-Khateeb expressed his appreciation 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 added.
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 highest rating available for portfolio managers throughout the world.
© Arab News 2011
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