"We remain confident that our strategy of continuously seeking and addressing profitable niche segments will enable us to continue generating above average equity returns for our shareholders on a sustained basis", said FH Chairman Mr. Mohammed Alqubaisi.
Abu Dhabi, April 20, 2010 - Finance House P.J.S.C. has announced a net profit of AED 31.04 million for the first quarter of 2010, compared to AED 30.95 million for the same period last year. Mohammed Alqubaisi, Chairman of Finance House, said: “We are pleased that Finance House maintained its profitable stance, of which the major part of the company’s net profit came from our core business, which has grown steadily over the years”. The company’s Shareholders’ Equity as at 31st March 2010 stands at AED 520 million, after paying a 50% cash dividend amounting to AED 110 million in March 2010. Additionally, the Shareholders have also approved a stock dividend of 25%. Its strong capital base provides it with the balance sheet strength to grow prudently and profitably. Alqubaisi continued: “We continue to maintain a cautious approach towards managing our loan and investment portfolios. Consequent to a well designed strategy, we curtailed our loan book marginally by 3% from the previous year-end level to AED 1.10 billion, notwithstanding the fact that we continue to selectively market all our products. The current focus is on achieving improved yields without significant increase in the overall size of the lending book. As to liquidity, the company has a robust system in place for managing its cash flows. Notwithstanding the steep falls in asset prices in most asset classes, our investments have performed relatively well, with a positive contribution to net income.” “We remain confident that our strategy of continuously seeking and addressing profitable niche segments will enable us to continue generating above average equity returns for our shareholders on a sustained basis”, concluded Alqubaisi.