AFS announces record breaking year at AGM with net profits at USD7.836 million

The Annual General Meeting was attended by the AFS Chairman, Board Members, shareholders, auditors, representatives from Ministry of Industry and Commerce, Central Bank of Bahrain and AFS management. AFS posted its net profits at US $7.836 million for year closing on December 31, 2006. Earnings-per-share growth of 147%, to US $1.31 in 2006 compared to US $0.53 in 2005. The company achieved operating profits (profit before exceptional items and share of loss from joint venture) of $4.816 million, almost 90% higher than 2005.

AFS reported a 2.8% increase in total equity which resulted in $61.303 million in 2006. Also, the card processing revenue increased by 39% to US $10.363 million in 2006 compared to $7.453 million during the same time in 2005.

Return on average shareholders funds increased to 13% which represents the highest return recorded in AFS history.

AFS declared a record dividend of US $1.19 per share (15.87% on par value of share) for the year 2006.

AFS Chairman Mr. Ghazi M. Abdul Jawad, commented about the results saying,

"2006 has brought forth a continuing progress and great opportunities for AFS in building and strengthening business propositions. We have really established our place in this competitive field of work and we are proud to secure our customer loyalty base as well as assure their confidence within the banking system."

AFS CEO Mr. Rasool Hujair said, "Since we began transforming AFS two years ago we have accomplished a great deal. As a result of our actions, AFS has emerged as a very different company. We are more focused, better balanced, more productive and more profitable."

"AFS will undoubtedly rise in the banking system by providing a wide range of solutions, complete card issuing and processing solutions as well as providing clients with a state-of- the-art credit card management service incorporating the latest international security technology," he added.

"With the introduction of the new AFS brand in April 2006, we have expressed more value in AFS solutions and have opened doors for new business opportunities, both in specific geographic regions as well as global players," said Mr. Hujair.

The AGM meeting was open for the shareholder to attend and the financial statements of the company was discussed openly and to everyone's satisfaction.