Manama - Kingdom of Bahrain: Venture Capital Bank announced its 30 June 2008 half year total income today at US$ 45.7 million, an increase of 447% over the prior period, and a net profit of US$ 31.4 million for the six months to 30 June 2008. The 2008 half year net income is close to almost the total net profits of last year (2007) of US$ 32.3 million, which reflects the steady growth of the Bank's activities and the effectiveness of the directions and plans of the Bank's Board of Directors and Executive Management.
On this occasion, Dr. Ghassan Ahmed Al Sulaiman, Chairman of VCBank said: "VCBank was able to achieve impressive results for the first half of this year, and these results affirms that Venture Capital Bank is moving towards achieving strong growth for the third consecutive year since its inception.
"We have also sought since the Bank's inception to build a solid foundation to the venture capital concept in the Middle East and North Africa (MENA) region. The Bank's success reflects the market demand for such investments and the possibility of its contribution to the region's economy through untapped sectors" added Dr. Al Sulaiman
From his side, Mr. Abdullatif Mohammed Janahi, Venture Capital Bank Board Member and Chief Executive Officer said: "The success of the Bank's superior returns on its investment projects enabled VCBank to achieve the best results over the last six months. Venture Capital Bank completed many deals, for example, VCBank and Jordan Phosphate Mines Company (JPMC) launched the expansion project of Jordan Al Abyad Fertilizers and Chemicals Company (JAFCCO) in 2008. The total cost of the project is estimated to be around US$ 90 million, in partnership with Jordan Phosphate Mines Company and other strategic Jordanian partners, whereby Venture Capital Bank represents the largest investor in the Company. The Bank also completed the private placement offering for US$120 million in Lemissoler Maritime Company in Bahrain, and established the first Bahrain-dedicated venture capital fund - Venture Capital Fund Bahrain at a size of US$ 15 million. This Fund will scout for unique and innovative venture capital opportunities in the Kingdom of Bahrain in different sectors backed by committed entrepreneurs and dedicated management teams. In addition to the Bank undertook a number of real estate projects in the GCC".
"Our gratitude goes to the Bank's Board of Directors for their continued support and encouragement to the Executive Management. With their support and guidance, and the trust and confidence of our investors that we cherish, the Bank was able to continue on its growth track and achieve great results for the first half of this year" added Mr. Janahi
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About Venture Capital Bank:
Venture Capital Bank is a Bahrain-based Islamic investment bank established in September 2005 with a full wholesale Islamic investment banking license from the Central Bank of Bahrain. Venture Capital Bank is capitalized at USD 165 million with an authorized capital of USD 500 million. The Bank has a strong shareholder base comprising of some of the largest institutions, family groups and high net worth individuals from the GCC countries. It has an experienced team of professionals with extensive experience in venture capital and business development, private equity, real estate and financial advisory in the U.S., Europe, Australasia and the Middle East. MENA Small & Medium Enterprises Fund I L.P. is co-managed by Venture Capital Bank and Global Emerging Markets Inc. For further information please visit www.vc-bank.com
For any further information, please contact:
May Marzooq
Corporate Communications & Marketing
E-mail: Marzooq@vc-bank.com
Tel +973 17518872
Fax +97317518880
Website: www.vc-bank.com
© Press Release 2008
