Injaz Mena Investment Co PSC has posted a 47.14 per cent increase in net profits for the year ended March 31, 2008. The key drivers of the company’s results included strong performance in the local and international equity markets, successful private equity deals, as well as excellent real estate projects returns.
Injaz Mena CEO Ahmed Al Dhahry says excellent returns from the Injaz Asia equity property Fund I and gains from an astute land bank transaction in Bahrain were two of the key drivers in the improved outcomes for the year.
Net profit for the 2007/08 financial year was AED 96,097,000, compared with AED 65,309,000 in the previous year.
As a result, Injaz Mena’s directors have recommended a 10 per cent cash dividend to be ratified at the general assembly to be held in Abu Dhabi on 15-06-2008. This is double the five per cent dividend paid last year.
Total revenue jumped from AED 80,897,000 to AED 122,218,000 for the year, a rise of 51.08 per cent.
Injaz Mena’s total assets climbed to AED 831,901,000 up 71.82 per cent over the same time last year when they totaled AED 484,184,000. Shareholder equity increased 18.09 per cent from AED 426,075,000 to AED 503,139,000.
The company increased its Assets under Management by 40.67 per cent, up from AED 554,817,000 in the 2007/08 financial year to AED 780,472,000 in the year just ended.
“Overall this has been an excellent achievement in a year where much of the global economy has been in turmoil because of the sub-prime crisis, the weak US dollar and record oil prices,” Mr Al Dhahry said.
