Shareholders of Injaz Mena Investment Co. PSC approved the distribution of 10% bonus shares and 5% cash dividend after the company’s board reported earnings per share of AED 1.98 for 2006-07 at the Annual General Meeting just held.
The company reported a 27 per cent lift in its net profit to AED 65,308,527 on a turnover of AED 80,896,564 for the year ended 31 March 2007.
At the same time, Shareholders’ Equity rose from AED 361,540,904 to AED 428,575,055, up approximately 18.5% over 31 March 2006.
Board Chairman HE Ali Bin Khalfan Al Dhahry told the shareholders that it has been an extremely busy time for Injaz Mena. “The company has completed 19 private equity and real estate deals since inception and moved into the lucrative property development market offshore over the past 12 months.
“The Asian and Eastern European property developments are already proving to be wise investments with IRRs greater than forecast. We have also achieved some spectacular returns for our clients from shareholdings in companies identified as having great potential, such as the 63% received in 14 months from SMARTRAC NV.
“Our performance in the equity capital markets, based on risk diversification across regions around the globe, has been equally sound, substantially mitigating the downturn experienced in the UAE and other regional stock markets.”
The year under review generated a solid return for Injaz Mena and its co-investors, says Injaz Mena CEO Ahmed Al Dhahry.
“Our performance overall needs to be put in the context of where we have come from – from a startup just 19 months ago to becoming a well respected financial institution with a full book of business, efficient infrastructure and a highly talented team of employees,” he said.
“The proof of our success is perhaps best illustrated by the growing number of international institutions who want to do business with Injaz Mena, both as co-investors and as strategic partners.”
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