Jordan-based Al-Faris National Investment company said its revenue for 2008 has jumped more than 200 per cent to touch JD 39.7 million ($55.9 million) when compared to JD13 million ( $18.3 million) in 2007.

The owner of Optimiza, MenaITech and Optimiza Academy, AL Faris gross profit increased by 182 per cent in 2008 to reach JD10,814 million compared with JD3.831 million in 2007, as the net profit before dividends has shown a remarkable 558 per cent growth in 2008 to reach JD2.213 million.

The net profit after dividends reached JD1.55 million, achieving a 300 per cent growth. Accordingly, the JD0.046 earning per share rise reflected an increase of 280 per cent.

Additionally, gross assets value for the Al-Faris National Investment Company increased by 80% reaching JD 61.7 million, raising owners’ equity to JD 26.46 million.

An elated Rudain Kawar, chairman of Al-Faris National Investment Company, said: "We are very proud of the results achieved in 2008. This success reflects the strong capabilities of the management team and the well experienced leadership of our subsidiary companies."

He pointed out that the ongoing projects and new contracts reflected its sales growth in Saudi Arabia, Jordan, the Gulf region and North Africa.
 
“The board of directors is committed to building on the successes of Al-Faris’s and Optimiza’s investments in the region, and to maintaining its distinguished performance levels,” he observed.

Hazem Malhas, Al-Faris National Investment deputy chairman and CEO, said: “Al-Faris National Investment Company along with its subsidiaries (Optimiza, MenaITech and Optimiza Academy) have attained the stance of pride, and the number of its shareholders has now reached 3000 investors.”

Malhas said 50 per cent of its revenue came from Saudi market. "We aspire for higher growth in the regional markets this year, particularly in Saudi Arabia and the Gulf, in addition to Iraq, Palestine and North Africa," he added.-TradeArabia News Service