A consolidated net profit of US$11.8 million was reported for the year ended 31 December 2006, an increase of 265% over the previous year comparative.
Yousef Al Essa, CEO of Addax Investment Bank, commented on the bank's results, "Our financial results, organizational developments and business achievements have surpassed expectations. We are extremely proud of our results, the quality of our earnings and our profitability ratios."
Al Essa added "Addax has made great strides in 2006 by expanding its scope of operations to diversify into hospitality, restaurants, media and education with an objective of strengthening its network and focusing on the entire Mena region".
The main contributors to the revenue in 2006 were the fee and commission income and income from investments activities, which resulted in the year on year growth of 213% in total revenues. At the end of 2006, total assets of Addax stood at US$69.7 million, an increase of 361% and the Shareholders' Equity increased by 83% over the previous period comparative.
Al-Essa added, "Addax has achieved record results in 2006 and managed to consolidate its position in the financial industry as a result of the consistent growth in all metrics since inception. Despite challenging market conditions, we continue to grow at an extremely fast pace. The strength of our results is largely due to our focused strategy of identifying and executing lucrative and unique investment opportunities for our clients."
"These outstanding results could not have been achieved without the continued support of our clients and shareholders and the hard work and dedication shown by our team of professionals," Al- Essa concluded.
Addax's return on Average Capital employed during 2006 was 86%, one of the highest in the industry. The General Assembly of Addax approved payment of bonus share dividend of 32.64%. The approval of CBB to this effect has already been obtained.
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Addax announces 265 per cent growth in profits
- Bahrain: Tuesday, March 20 - 2007 at 11:18
- PRESS RELEASE
Bahrain based, Addax Investment Bank (Addax) has announced its results for 2006.
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For further information, please contact:Mona Akhtarzadeh
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About Addax Investment Bank
Addax Investment Bank has an authorised capital of US$100 million and is regulated by the Central Bank of Bahrain (CBB). The Bank was formed in 2003 and has been involved in a number of high profile deals in the region.
Addax Investment Bank's landmark deals include: participation with Dubai International Capital and other lead investors in creating JD Capital, a US$300 million (approximately) company targeting investment opportunities in Jordan. Addax Investment Bank was also responsible for the structuring and placement of the US$ 150 million deal to finance 20 Express by Holiday Inn hotels across five countries in the GCC.
Additionally, Addax Investment Bank has launched a US$1 billion investment fund, the MENA Serviced Residence Fund, in collaboration with The Ascott Group of Singapore, to acquire and manage a chain of serviced residences throughout the Middle East and North Africa. The first phase of capital fund raising towards the US$ 1 billion MENA Serviced Residence Fund was successfully completed earlier this year; the private placement was well received by investors and was oversubscribed by 150% within record time.
In September 2006 Addax Investment Bank formed its newest subsidiary, Addax Media BSC. Addax Media, wholly owned by Addax Investment Bank will be a holding company that will focus on acquiring innovative, high-quality media productions ranging from full length movies to television serials. Addax Media's first production "Khalid Bin Waleed" was aired on MBC and Dubai Television.
In November 2006, Addax Investment Bank, launched Addax Education Holdings (AEH), a holding company based in the Kingdom of Bahrain, established in partnership with a team of education and private equity professionals to invest and manage education and education related businesses across the GCC, Levant and North Africa.
Addax is fast gaining a reputation for launching innovative and unique deals in the Middle East region.
Posted by Lara Lynn Golden, News EditorTuesday, March 20 - 2007 at 11:18 UAE local time (GMT+4)
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