Finance House Announces 2010 Net Profit of AED 115.1 Million - Finance House
Finance House Announces 2010 Net Profit of AED 115.1 Million
26th January 2011
finance house

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.‎

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