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Al-Faris assembly endorses board report

Amman, May 2, 2009

The general assembly Al-Faris National Investments, a Jordan-based public shareholding company that operates in the technology sector, has endorsed the board of directors’ report and the company’s financial data for 2008.

This endorsement took place during the general assembly’s ordinary meeting held on April 26 at the Regency Palace Hotel, Amman.

In terms of financial results, the company’s final net profit for 2008 rose by 300 per cent, reaching JD1.155 million ($1.63 million) compared to 289,002 in the year 2007.  In addition, the company’s revenue grew by 200 per cent to reach JD39.7 million compared with JD13 million during 2007.

Moreover, shareholders equity increased to JD26.46, and the overall value of assets rose by 82 per cent to reach JD61.7 million in 2008.

One of the main achievements of Al-Faris National Investments through 2008 was acquiring 70 per cent of Royah, a Saudi company specialized in IT solutions development placed in Jeddah with several branches throughout the kingdom, and launching Royah Optimiza in Saudi Arabia.

Also, Al-Faris capital was raised from JD25 million to JD34 million, along with many distinguished achievements for Al-Faris subsidiaries: Optimiza, MenaITech and Optimiza Academy. – TradeArabia News Service




Tags: Optimiza | Amman | Al Faris | Board meeting |

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