Unicorn Investment Bank B.S.C. (c) (Unicorn) announces strong results for the three month period ended 31 March 2008. Earnings rose by US$20.0 million, or 83%, from US$24.0 million in the first quarter of 2007 to US$44.0 million in 2008. The net profit attributable to Unicorn’s shareholders increased by US$15.6 million, from US$4.4 million in 2007 to US$20.0 million in the first quarter of 2008. The strong results delivered major improvements in the Bank’s key profitability and shareholder return measures. Return on equity increased to 25.2% and earnings per share grew to 10.9 US cents per share. The cost:income ratio of 54.8% was comfortably within the Bank’s target range for operational efficiency.
In January, Unicorn received a strong vote of confidence from the international financial community with the successful close of a US$125,000,000 3-year Syndicated Commodity Murabaha Facility arranged on the Bank’s behalf by Dubai Bank and Raiffeisen Zentralbank ?sterreich AG (RZB). The facility, which was launched at US$100,000,000, was significantly oversubscribed, attracting a great deal of interest from financial institutions across Europe, the Middle East and Asia. Fifty percent of subscriptions were from non-GCC financial institutions, with 10% of subscriptions originating from Asia. Of the total amount raised, almost 25% of the financing was placed with Islamic investors. The funds raised will be used in support of Unicorn’s business plan and international growth model.
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