ITS reports Dhs551m in first quarter 2008 revenues

Revenue for the quarter was Dhs551m an increase of 16% comparing to the results in 2006.

"We have set new objectives for our business in 2008 based on our profitable growth last year and the developing market trends in the region. Our strategy for 2008 aims to achieve a 25% growth rate over the next full business cycle," said Khalid Faraj Al-Said, Managing Director and General Manager of ITS.

Al-Said pointed out that the company's success and rapid growth is attributed to the bolstering of ITS's human resource base which represented an overall increase of 53%, thus bringing the total number of employees in the company and its branches across the region to more than 1,700 employees.

Among its achievements last year, ITS was named the 'Most Outstanding IT Company' at the fourth Kuala Lumpur Islamic Finance Forum (KLIFF) 2007. It has also been named the 'Best International Provider of Islamic Technologies and Solutions in 2007' by the World Finance International Magazine. Moreover, ITS received a prize as the 'Best Universal Banking Solution Provider for 2007' an achievement that was added to the company's achievements in providing solutions, systems, products and technical services to various banks in the region and around the world.

Recently, the company also scored the highest vote through a questionnaire conducted by 'Islamic Finance News' to be classified as the 'Best Islamic Technology provider.'

It should be noted that ITS is a member of the Accounting and Auditing Organization for Islamic Financial Institutions (AAIOFI), Interactive Financial eXchange (IFX) Forum, and the 'GSM Association,' which is global trade association representing over 700 GSM mobile phone operators across 218 countries of the world.

With its 2008 growth strategy in place, ITS will roll out expansion plans throughout the Middle East, Asia and Africa. The company also has plans to expand its services and products to include various sectors notably banking, communications and the higher education sectors.