Abu Dhabi-based Finance House P.J.S.C announced the results for the financial year ended 31 December 2010, achieving a net profit of AED 115.1 million compared to AED 112.4 million for the previous year
Abu Dhabi, Januarry 26, 2011 – Abu Dhabi-based Finance House P.J.S.C announced the results for the financial year ended 31 December 2010, achieving a net profit of AED 115.1 million compared to AED 112.4 million for the previous year. This translates to an earning of 42 fils per share compared to 41 fils per share in 2009. Based on this steady performance under challenging economic conditions, the Board of Directors has proposed a cash dividend of 15% and stock dividend of 10%. Total assets increased by 15% standing at AED 3.12 billion compared to AED 2.72 billion at the end of last year. Customer deposits have grown steadily to reach AED 1.57 billion as at 31 December 2010. At the end of 2010, Finance House Shareholder Equity stood at AED 557 million, and this is after distributing a cash dividend of AED 110 million to shareholders in March 2010. The loans and advances portfolio, on the other hand, was held relatively flat at AED 1.12 billion, as a measure of prudence. The performance of the company’s investments has been acceptable, despite the increased volatility in capital markets. Mohammed Abdulla Alqubaisi, Chairman of Finance House remarked: “During the past year, we have worked hard to realign our business model and continuously fine-tuned our operating strategies in line with the rapidly changing realities of our economic environment. Our steady 2010 performance atop the already robust 2009 performance is a clear vindication that we are headed in the right direction and an evidence of the continued success of our vision and robust strategic planning during a period of ongoing challenges in the financial environment worldwide”. Alqubaisi added: “We have seen a remarkable improvement in almost every area of operations, and believe that we will continue to witness growth well into 2011 and beyond. Our strategy is sound and we have the necessary mechanisms and structures in place to exploit profitable opportunities, to continue managing risks well, and to maximize returns for our shareholders”. “Finance House maintains a strong position within the market, mainly due to the financial stability it has demonstrated over the course of the past two years. We look forward to a successful year 2011 ahead, and are clearly poised for profitable growth as economic activity gathers momentum”, concluded Alqubaisi. Finance House’s solid performance during the past year has been demonstrated by remarkable achievements. In a move to increase its customer base, the company launched strategically located branches across the emirates, introduced a series of products and services, and signed various medium and long term financing agreements.