RIYADH: Jadwa Investment, a leading Saudi Arabian investment firm, announced Saturday its revenue surpassed SR270 million ($72 million) in 2011; a more than 14 percent increase compared with 2010. Net income exceeded SR130 million, an increase of more than 18 percent from 2010, according to a press statement received here on Saturday.
Commenting on the results, Prince Faisal bin Salman, chairman of Jadwa Investment, said: "For the fifth year in a row since founding Jadwa, we have experienced volatile global and regional markets. During 2011, our industry was impacted by several major socio-political and economic events, including 'Arab Spring' and the European sovereign debt crisis. In this challenging environment, I am pleased to announce record revenues and profits for 2011. We are particularly delighted that Jadwa has been profitable every year since its founding."
Prince Faisal added: "Shareholders' equity has grown to SR1.3 billion, reaching SR23.3 per share. The board recommends increasing dividends to shareholders to SR1.5 per share, representing 15 percent of the par value per share. This recommendation reflects our commitment to providing returns to our shareholders. We thank our shareholders for their commitment to Jadwa Investment and are delighted to share the positive results today."
Ahmed Al-Khateeb, managing director and CEO of Jadwa Investment, said: "2011 was a validation of our decision to focus on creating investment opportunities for our clients in real economy assets, primarily in Saudi Arabia. Our business lines: Asset management, investment banking, and proprietary investment are performing well and offer a balanced and compelling full service portfolio of financial services."
Al-Khateeb concluded: "We would like to thank our clients for their trust in us. Their commitment to Jadwa has inspired our teams to continue to provide exceptional service with a high degree of professionalism and innovation. Our clients and employees have enabled this outstanding track record of success."
© Arab News 2012
