IFA profit soars to $303m
Manama, April 1, 2008
International Financial Advisors (IFA) has announced profits of KD80.8 million
($303 million) with earnings per share of 194fils for the year ending on December 31, 2007.
This is exclusive of minority interest profits of KD14.5 million, said a company statement.
The shareholders’ equity grew to KD248 million compared to KD179 million on December 31, 2006. Furthermore, total assets have increased to KD588 million compared to KD422 million at the end of 2006, it added.
Jassim M. Al-Bahar, chairman and CEO of IFA stated: 'In spite of the adverse market conditions around the globe that have affected and are still affecting the investment sector, the company has achieved significant profits.'
'These profits were a result of the strategy adopted by the company since 2002, which was based on two pillars: the first pillar focuses on financial investments while the second pillar focuses on the real estate investments related to hotels and resorts,' he added.
Al-Bahar said the company was finalising restructuring and merger studies for IFA Group companies, subsidiaries and associates.
'The project aims to recognise the entities within the group in order to make them better equipped to overcome local, regional and international challenges,' he explained.-TradeArabia News Service