Optimiza's H1 net profit up 73pc
Amman, August 17, 2008
Jordan-based Optimiza, an IT company, has said net profit for the first half of this year grew by 73 per cent to reach JD487,000 ($687,000) compared with JD178,700 for the same period a year ago.
The company said the highlight of the results was the unprecedented growth in sales, which reached JD18.3 million in comparison with JD2.7 million in the first half of 2007, achieving a growth rate of 577 per cent.
Total sales achieved for the whole year of 2007 was JD13 million.
The overall value of Optimiza’s assets rose by 86 per cent to JD56.96 million in the first half of 2008, compared with JD33.82 million at the end of 2007.
Moreover, shareholders’ equity reached JD26 million in the first half of this year compared to JD25.5 million at the end of 2007.
This huge growth in sales was a result of a combination of organic growth and by acquisitions of nine local and regional companies in management consulting, IT solutions and services, training and Human Capital Development.
Optimiza also expects that by 2008, revenues will exceed the expected JD25 million, announced during the first quarter of this year.
Rudain Kawar, Optimiza’s chairman, said: ’This remarkable growth was a result of the alignment between Optimiza Board of Directors’ and the management team to put forward a solid plan based on a clear strategy and focus on execution, growth and expansion in the region.’
With respect to Optimiza’s development since the beginning of 2008, Hazem Malhas, Optimiza CEO, said: ’We are proud of the positive results achieved in the past six months.
’We have signed several new contracts to implement a number of major projects in the region. We have also concluded the acquisition of 70 per cent of Royah in Saudi Arabia, in a step that enhances our position to expand in the fastest growing markets in the region.’
He added: ’The management team’s focus will be on enhancing the productivity, to improve the profit margins and generate the expected return on investments in mergers and acquisitions.’ - TradeArabia News service